Joseph is a teacher. He also enjoys working on automobiles. Recently, Joseph has been so busy at his teaching job that he has had no time to work on his car. He decided to pay his friend, Larry, to do some vehicle maintenance for him.
What is this type of economic transaction known as?
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This type of economic transaction known as voluntary exchange
Explanation:
- "Voluntary exchange" is the act of buyers & sellers involved in market transactions and happens freely and voluntarily as per the adherents of the term.
- In fact, the definition suggests that transactions are performed to ensure that the buyer & the seller are better off than "after the exchange than before it occurred".
- A voluntary exchange is a transaction in which two individuals exchange goods or services freely, without forceful or limiting force. The trading of goods is intended for both parties and would profit both parties from the transaction.
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Explain indetail the voluntary Exchange models. - Brainly.in
https://brainly.in/question/8659547
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