Yes, volume and dynamics are interchangeable terms.
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Dynamics
dynamics
The right answer is touch, but technique will count. The volume of music is referred to in musical terms as dynamics. A louder volume is called forte, and a softer volume is piano.
Dynamics are the volume and tones in music. It can either represent volume or refer to aspects of the music. It can also apply to the written musical notations. The two basic categories are either piano z(soft) or forte (loud).
In music, dynamics normally refers to the volume of a sound or note, but can also refer to every aspect of the execution of a given piece, either stylistic (staccato, legato etc.) or functional (velocity). The term is also applied to the written or printed musical notation used to indicate dynamics. Dynamics do not indicate specific volume levels, but are meant to be played with reference to the ensemble as a whole. Scroll down to related links and look at "Dynamics - Wikipedia".