Updated: Aug 20, 2021

The expression of preferences by participation in the decision-making process. The form of participation may be voting, lobbying, or the use of complaints procedures or litigation. It can be contrasted with ‘exit’, which means leaving an unsatisfactory situation rather than attempting to change it.

Reference: Oxford Press Dictonary of Economics, 5th edt.

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James Knight
Editor of Education
James is a lead content editor for Invezz. He's an avid trader and golfer, who spends an inordinate amount of time watching Leicester City and the… read more.