Question

Answer the following question.
What are the difficulties faced by people under Barter System?

Answer 1

Barter system was a system of exchange where goods were exchanged for goods and there was no common medium of exchange in the economy. Barter system had many difficulties which were faced by the people like lack of double coincidence of wants, lack of a common unit of value, difficulty of future payments or contractual payments and difficulty of storage of value and transfer of value.