Which term describes a one-on-one trade where each participant has something the other wants?

The term that best describes a one-on-one trade where each participant has something the other wants is "Barter." Barter refers to the direct exchange of goods or services without the use of money, allowing each participant to satisfy their own needs by trading items they possess for items they desire.

This process relies on the idea that both parties have mutually beneficial interests in the transaction. For example, if one person has a surplus of apples and another has extra oranges, they can engage in a barter trade where they exchange apples for oranges, fulfilling their wants without the intermediary of currency.

The other terms, while related to economic exchanges, do not specifically convey the nuances of one-on-one trades. A market signifies a broader term where buyers and sellers interact, while exchange generally refers to the act of giving and receiving without the specificity of the relationship between the parties. Trade-off typically involves evaluating alternatives and their costs, rather than focusing on an immediate, mutual exchange of commodities between two individuals.