Final answer:
Exchange is the trade of things of value between a buyer and seller, resulting in both parties being better off.
Step-by-step explanation:
The trade of things of value between a buyer and a seller so that each is better off after the trade is referred to as exchange. This process involves exchanging one form of goods or services for another. It is different from bartering, where people directly trade one item for another without using money as a medium of exchange.