Step 1: Understanding the Concept:
The definition and composition of the Parliament are provided in Article 79 of the Constitution.
Step 2: Detailed Explanation:
According to Article 79: "There shall be a Parliament for the Union which shall consist of the President and two Houses to be known respectively as the Council of States (Rajya Sabha) and the House of the People (Lok Sabha)."
While the Prime Minister and the Speaker are crucial officers within the Parliament, they are not "constituent parts" of its definition. They are members of the Houses they serve.
The President is included because no law can be enacted without his/her assent.
Step 3: Final Answer:
The Parliament consists of the House of the People, Council of States, and the President.