A flow meter is a device that measures the volume or mass of gases and liquids, with various types including velocity, open channel, differential pressure, positive displacement, and mass flow meters. Key considerations for selecting a flow meter include understanding the requirements, evaluating installation, and not just opting for the least expensive option, as this can lead to higher future costs. Flow meters consist of three main parts: the primary device, transducer, and transmitter, which work together to provide accurate flow measurements.