Final answer:
Settling on a solution in which each person gets part of what they wanted is known as a compromise. It is a common outcome in negotiations where all parties agree on the main goals but have different preferences on the specifics. A compromise allows progression towards a shared goal and leaves parties relatively content.
Step-by-step explanation:
Settling on a solution that gives each person part of what he or she wanted, where no one gets everything and no one loses completely, is known as compromise. In the realm of negotiation and bargaining, a compromise is a common outcome. This approach is frequently used when all parties involved in a negotiation generally agree on the overall goals, but have differences in opinions on how to achieve these goals. For example, when nations negotiate on greenhouse gas emissions, they might be in general agreement about reducing their environmental impact, yet they have to come to a compromise on the specific reduction percentages that are acceptable to each party involved. Each country may not get exactly what it wanted, but they still make progress towards their shared goal.
Compromise is beneficial as it allows for different interests to be represented and partially satisfied, often resulting in solutions that leave participants relatively content. This method is preferable over a situation where the negotiation collapses and the status quo prevails, which could result in dissatisfaction for the parties who seek change. By finding a middle ground through compromise, all parties involved are able to move forward with a mutual agreement, maximizing the happiness or interests for the greatest number of people.