A gift or a present is the transfer of something, without the need for compensation that is involved in trade. A gift is a voluntary act which does not require anything in return. Even though it involves possibly a social expectation of reciprocity, or a return in the form of prestige or power, a gift is meant to be free.
In many human societies, the act of mutually exchanging money, goods, etc. may contribute to social cohesion. Economists have elaborated theeconomics of gift-giving into the notion of a gift economy.
By extension the term gift can refer to anything that makes the other happier or less sad, especially as a favour, including forgiveness and kindness.
When material objects are given as gifts, in many cultures they are traditionally packaged in some manner. For example, in Western culture, gifts are often wrapped in wrapping paper and accompanied by a gift note which may note the occasion, the giftee's name, and the giver's name. In Chinese culture, red wrapping connotes luck.
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