At Value Inc., there are specific steps to be followed when applying for a day off. First, an employee has to apply to his or her immediate supervisors. After getting their approval, he or she has to get it signed by the branch manager. Then, a copy of the leave application has to be submitted to the HR department. These mandatory steps are referred to as .

Procedures

Explanation:

Procedures refer to protocols and guidelines to be adhered to while performing an act.

Those are management rules which determine management action. Procedures are carried out following certain set of rules which are commonly applicable. Procedures could be stringent at times.

In the given case, the employees in order to get something (leaves) from the management, have to follow a prescribed set of rules in a sequence which would lead to the desired outcome.

Though procedures could be cumbersome and time consuming, just like in the given case, those have to be followed and adhered to by an organization and it's people.

the answer would be voluntary exchange -

"the act of buyers and sellers freely and willingly engaging in market transactions. moreover, transactions are made in such a way that both the buyer and the seller are better off after the exchange than before it occurred."

hope this : )

-shy