What term describes a mutual exchange of favors or privileges?

The term that describes a mutual exchange of favors or privileges is reciprocity. This concept embodies the idea that when one party does something beneficial for another, it is expected that there will be a return of similar favor in the future. It plays a critical role in building and maintaining relationships, both personally and professionally, as it creates a cycle of giving and receiving that fosters cooperation and trust.

Reciprocity is foundational in many social interactions, emphasizing fairness and the idea that both parties benefit from the exchange. It goes beyond mere transactions by establishing an expectation of balance in relationships, which can be vital for social cohesion and operational success in collaborative environments.

The other options do not encompass this mutual exchange aspect. Recompense generally refers to compensation or payment for a service or loss, regale implies entertaining or amusing someone, and solace pertains to comfort or relief in times of distress. None of these terms convey the reciprocal nature inherent in exchanges of favors or privileges as effectively as reciprocity does.