Distinguish Between Exchange and Communal Relationships

question 64

Essay

Distinguish between exchange and communal relationships.Who in your life are you more likely to have exchange relationships with over communal relationships?

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Definitions:

Lower Opportunity Cost

The advantage of choosing an option that has a relatively smaller loss of potential gain from other alternatives.

Trade

The exchange of goods and services between people or entities, often involving the transfer of money.

Goods

Tangible products that satisfy human wants and provide utility, which people buy and use.

Prices

The cost of acquiring a product or service, influenced by elements like market supply and consumer demand.