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Social StudiesSocial Studies
7 June, 11:38

Ginger has just sold an expensive fitness tracking watch to Marcus. Marcus pays for the watch and immediately straps it to his wrist to monitor his steps as he walks out of the shop and down the mall hallway. What have Ginger and Marcus just experienced?

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  1. 7 June, 11:42
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    The exchange process.

    Explanation:

    For an exchange to take place or happen, both parties have to have something of value to each other and the act of obtaining a desired object from someone by offering something of value in return is known as the exchange process i. e when an individual decides to satisfy a need by offering money, good or service in exchange. For an exchange process to exist these condition must be available and satisfied: there must be at least two parties as in our scenario, we have Ginger and Marcus, Each parties has something of value to the other party (expensive fitness tracking watch), Each party is capable of communication and delivery (The watch was delivered to Marcus as soon as he pays for it), Each parties is free to accept or reject the exchange etc.

    What Ginger and Marcus just experienced is term exchange process.
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