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Question
Identify and explain the concept from the given illustration:
Vasantsheth provides coal from his shop to farmers in exchange of food grains.
Solution
- Identified concept: Barter system.
- Explanation of concept: It refers to the exchange of goods for goods. A barter exchange is a type of exchange in Which goods and services are exchanged for goods and services. Vasantsheth exchanges coal (One good) for food grains (another good) from farmers. Hence, the given illustration relates to the barter system.
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