Question

Reflect on a time when you recently traded or bought an item. Describe this exchange, using the following economic terms: voluntary exchange, coincidence of wants, barter, money.

Answer 1

A purchase or an exchange can be understood as economic processes that use monetary or non-monetary funds, and that occur to satisfy certain needs of individuals and organizations.

Buyer Decision Process

It occurs from a decision on the need to carry out an economic transaction of a good or service that lasts before and after the moment of purchase. There are five steps in the consumer decision process, which help in the purchase action, which are:

1. Problem Recognition
2. Information Search
3. Evaluation of Alternatives
4. Purchase Decision
5. Post Purchase Behavior

Therefore, there are also other exchange processes, such as coincidence of wants, barter and voluntary exchange, which are processes that take place to benefit both parties in an economic exchange without the use of money.

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