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Question
Define or explain following concept:
Barter system
Solution
Barter system of exchange: It refers to an exchange system in which goods and services are exchanged for other goods and services. Such a system is also known as commodity for commodity exchange (i.e. C-C exchange). For example - if a person having surplus wheat wants milk, then he/she can exchange that wheat with a person who has milk as well as who needs wheat at the same time.
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RELATED QUESTIONS
Explain difficulty in storing wealth problem faced in the barter system of exchange
Barter system did not have any difficulty.
Explain with reason whether you 'agree' or 'disagree' with the following statement:
Barter system had many difficulties.
Write short note on :
Difficulties in Barter Exchange (Barter System) .
Money overcomes the problems of barter system.
Barter system is ______.
One drawback of barter exchange is ______.
