In order to determine what is oxidized and what is reduced in a redox reaction, we must track the changes in oxidation numbers across the two sides of the equation. In the equation, iron began with zero and ended at 2+. Silver began at 1+ and ended at zero. Iron's oxidation number increased. Therefore, iron was oxidized. Silver's oxidation number decreased. Therefore, silver was reduced.
Oxidant is Ag. Reductant is Fe.
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