Exchange, or trade, refers to the process of transferring goods or services between individuals or groups. This can occur on a small scale, such as a local market, or on a larger scale, involving international transactions. The primary goal of exchange is to satisfy the needs and wants of parties involved, often using currency as a medium. In an exchange, both parties typically benefit by obtaining something they value more than what they give up. This concept is fundamental to economies and can involve various forms, including barter, where goods are traded directly without money, or through more complex systems involving currency, markets, and trade agreements.