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Define Commitment from a Social Exchange Perspective

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Essay

Define commitment from a social exchange perspective. What does commitment mean to you? How similar or different is your definition of commitment? What role does commitment play in relationships? How will you foster commitment in your relationship?


Definitions:

Money

An officially issued legal tender generally accepted as a medium of exchange, a unit of account, and a store of value.

Price of X

Denotes the amount of money required to purchase a specific good or service dubbed "X".

Price of Y

The amount of money required to purchase a specific quantity of product Y or service Y.

Consumer's Surplus

The difference between the total amount that consumers are willing and able to pay for a good or service and the total amount they actually do pay.

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