Final answer:
Bargained for exchange refers to a process where people exchange goods or services with each other. It is different from negotiation because negotiation involves discussing terms and conditions to reach an agreement, whereas a bargained for exchange is a direct exchange of goods or services.
Step-by-step explanation:
Bargained for exchange refers to a process where people exchange goods or services with each other. It is different from negotiation because negotiation involves discussing terms and conditions to reach an agreement, whereas a bargained for exchange is a direct exchange of goods or services.
Bargained for exchange can also be referred to as bartering, where people exchange one form of goods or services for another without using money. It is a form of trade that has been practiced throughout history, before the use of currency.
The value of what is exchanged in a bargained for exchange is determined by both parties based on the perceived worth of the exchanged items. It can be determined through negotiation or a mutual understanding of the value of the items being exchanged.