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You need to paint your fence but you really hate this task. You decide to hire the kid next door to do it for you. You would be willing to pay him up to $100, but you start by offering $50, expecting to negotiate. To your great surprise, he accepts your $50 offer. When you tell your friend about the great deal you got, she is shocked that you would take advantage of someone. To assure your friend that you did not cheat the kid next door, you tell her that:

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Answer: it was voluntary exchange

Explanation: A voluntary exchange is the process where buyers and sellers of products or services freely and without coercion engage in market transactions or exchanges. With voluntary exchange, both parties are better off, and are satisfied when accepting the exchange price.

The principle of voluntary exchange is based on the fact that buyers and sellers are acting in their self-interest, this is evident in the sense that both parties are better off than they were before the exchange. The seller of the traded commodity has a form of payment and the buyer has a product or service.

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