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Question
Define or explain the following concept.
Barter System.
Barter System.
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Solution
Barter system was a
system of exchange where goods were exchanged for goods and there was no common
medium of exchange in the economy. Under this system, people exchanged
commodities for commodities to satisfy their wants. Like a person who had 1 kg
of rice and wanted 1 kg of wheat could exchange the rice with another person
who had 1 kg of wheat and wanted 1 kg of rice instead.
Barter system was a system of exchange where goods were exchanged for goods and there was no common medium of exchange in the economy. Under this system, people exchanged commodities for commodities to satisfy their wants. Like a person who had 1 kg of rice and wanted 1 kg of wheat could exchange the rice with another person who had 1 kg of wheat and wanted 1 kg of rice instead.
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