Question

In marketing, the idea that people are willing to give up something of value or to experience costs (e.g., time, money, embarrassment, the discomfort of changing habits) in order to receive something they value is referred to as ____________:

Answer 1

Answer: Exchange

Explanation: An exchange has occurred in Marketing whenever two or more people trade goods or services in order to satisfy a need or want by offering some money or goods or services in exchange. Every exchange should produce "utility," implying that the value of what is offered for trade is less than the value of what is received from the trade. Therefore, the idea that people are willing to give up something of value or to experience costs such as time, money, embarrassment, the discomfort of changing habits etc. in order to receive something they value is referred to as exchange.