Al + Fe^3+ -> Al^3+ + Fe^2+

Question

which substance is being oxidized?which is being reduced?

which substance is oxidizing agent? reducing agent?

how many electrons are exchanged in the reaction above?

also: why is Fe^3+ not reduced to Fe?

Oxidation is the loss of electrons.
Reduction is the tgain of electrons.
The substance being oxidized is the reducing agent.
The substance being reduced is the oxidizing agent.
Al goes from an oxidation state of 0 on the left to +3 on the right. Therefore, it lost three electrons and is oxidized.

Fe^+3 goes from an oxidation state of +3 on the left to +2 on the right; therefore, it gained one electron and is reduced.