What term describes the exchange of goods and/or services, usually for money?

Study for the IB Geography Exam with flashcards, multiple choice questions, and explanations. Prepare for your success!

The term that describes the exchange of goods and/or services, usually for money, is "trade." Trade refers to the act of buying, selling, or exchanging items between parties, which can involve individuals, businesses, or countries. It signifies a transaction where one party provides goods or services in return for monetary compensation or other goods and services.

In a broader context, trade encompasses various subcategories like international trade, domestic trade, and e-commerce, highlighting its importance in economic systems. Commerce is closely related to trade but often refers to the larger system of buying and selling, including the infrastructure, regulations, and markets that facilitate such exchanges. Investment generally pertains to allocating resources, usually money, into an asset with the expectation of generating profit or income. Barter, on the other hand, specifically refers to the direct exchange of goods and services without using money, which distinguishes it from the monetary transactions that define trade. Therefore, trade is the most appropriate term for the exchange involving money.

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