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Transcript of Voluntary/Non-Fraudulent Exchange
SSEF 3 (b) Voluntary/Non-Fraudulent Exchange Voluntary/Non-Fraudulent Exchange Voluntary/Non-Fraudulent Exchange A voluntary exchange occurs when consumers find what they want at a price they are willing to pay and for which producers are willing to give them the product. Before the 1800's, most families grew their
own food and made most of the things they
needed at home by hand. The U.S. economy is based on voluntary exchange, individuals and businesses freely choose to exchange goods, services, resources and so forth for something else of value (money) For the most part the government does not tell
consumers what to buy nor producers what to produce. Both decide for themselves Because consumers have the economic freedom to buy what they want and producers the freedom to pursue a profit entrepreneurs and laborers are motivated to produce goods and services that consumers and employers demand. Voluntary/Non-Fraudulent Exchange Today, most Americans specialize by doing one kind of job. They buy the things they need from companies that provide other kinds of products and services. EXCEPTIONS: Consumers cannot buy illegal goods; producers are not allowed to supply illegal goods or commit fraud. Consumers want to buy low, producers want to sell at a price that provides as much profit as possible.