Exchange refers to
A)the trade of things of value between buyer and seller so that each is better off after the trade.
B)the replacement of one product for another product of equal or greater value, as compensation for a product that failed to meet expectations.
C)the proffering of money, whether in the form of cash, check, or credit card, for a product or service at the time of purchase.
D)a legally binding agreement to purchase a product or service allowing for a grace period of three days during which the contract can be dissolved without penalty.
E)an international agency with the responsibility of determining relative values for currency throughout the world, on a daily basis; also referred to as the foreign exchange rate.

Question

Quizplus · Accepted Answer

Exchange refers to the trade of things of value between buyer and seller so that each is better off after the trade. This involves the exchange of goods, services or money and is aimed at maximizing the satisfaction and benefits of both parties involved in the transaction. The concept of exchange is the basis of all economic activity as it drives the production and consumption of goods and services in any society.

Exchange Refers to