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Question
What is meant by double coincidence of wants?
One Line Answer
Solution
When two persons want goods in each other's possession, it is called double coincidence of wants.
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Inconveniences Or Difficulties of Barter System
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RELATED QUESTIONS
Read the following dialogue between two people:
| Sita: | I want 1 kg of potatoes. |
| Rani: | What will you give in exchange? |
| Sita: | I can give you 2 litres of milk in return for the potatoes. |
| Rani: | I don't need milk, I want a pair of shoe. |
Which of the following problem is being faced by Sita and Rani in their exchange process?
Which of the following is not a problem of barter system of exchange?
State two difficulties of barter system.
How does money resolve the problem of double coincidence of wants?
Enumerate any two difficulties faced under the barter system of exchange.
Explain how money can overcome the difficulties of double coincidence of wants.
