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Question
A system where people exchange goods directly without the use of money is called
A system where people exchange goods directly without the use of money is called
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Solution
The correct option is D barter system
In the barter system, people exchange goods directly without the use of money. It works only when two parties each hold an item the other party wishes to have. This condition is called double coincidence of wants. The barter system dates back to 9000 BCE.
In the barter system, people exchange goods directly without the use of money. It works only when two parties each hold an item the other party wishes to have. This condition is called double coincidence of wants. The barter system dates back to 9000 BCE.
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