Question

Think of the last voluntary exchange that you participated in. Identify the good or service exchanged and describe how the buyer and seller each acted in their own self-interest.

Answer 1

The last voluntary exchange which i participated in in exchanging my generator for a plasma television

It happened that my old plasma generator got spoilt as a result of poor incoming electric current. I met a follow who was willing to exchange a plasma television for me in exchange to collecting one of my generators out of good will and in our best interest.

What is exchange of goods?

Exchange of goods simply refers to the act or process of exchanging goods and services between two different parties; usually the buyers and sellers for the satisfaction of both parties. This exchange could also be through a barter system where money is not involved but exchange of goods.

This type of exchange which existed between us is known as trade by barter system and agreement was made at our best interest

So therefore, the last voluntary exchange which i participated in in exchanging my generator for a plasma television

Learn more about exchange of goods and services:

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