All Subjects
Light
Voluntary exchange refers to the act of individuals or businesses willingly trading goods or services with each other, without any external force or coercion.
congrats on reading the definition of Voluntary Exchange. now let's actually learn it.
Market equilibrium: The point at which the quantity demanded by consumers matches the quantity supplied by producers.
Barter system: A system of exchange where goods or services are directly traded for other goods or services without using money.
Specialization: When individuals, businesses, or countries focus on producing a specific good or service in which they have a comparative advantage.