"When buyers and sellers independently agree to exchange goods and services, it is called__________"
Social Studies · College · Tue Nov 03 2020
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When buyers and sellers independently agree to exchange goods and services, it is called "voluntary exchange."
- This term refers to a transaction or trade where both parties (buyers and sellers) willingly and freely enter into an agreement without any coercion or external force. In a voluntary exchange, both sides believe they will benefit from the transaction, resulting in the exchange of goods, services, or resources to mutual advantage.