ECONOMICS (CBSE/UGC NET)

Detailed explanation-1: -Voluntary exchange is the act of buyers and sellers freely and willingly engaging in market transactions. Voluntary exchange is a fundamental assumption in classical economics and neoclassical economics which forms the basis of contemporary mainstream economics.

Detailed explanation-2: -Voluntary exchange: the act of buyers and sellers freely and willingly engaging in market transactions.

Detailed explanation-3: -Voluntary exchange is a transaction where two people trade goods or services freely, there is no coercive or restrictive force involved in the transaction. Both parties want to make the exchange items, and both parties will benefit from the trade. Voluntary exchange is an essential concept in the free market economy.

Detailed explanation-4: -Voluntary exchange is a very important principle of economics. It is a transaction in a market economy where producers and consumers freely trade goods and services. In the process, both parties end up being better off than during the beginning.

Detailed explanation-5: -Voluntary trade is the one in which both the parties (buyers and sellers) are willing and able to exchange the same units of a product or service at a given price level. Therefore, both sellers and buyers will be benefitted from the voluntary trade.