‘Problem of double coincidence of wants’ is removed because money acts as

Medium of exchange

Right on! Give the BNAT exam to get a 100% scholarship for BYJUS courses

Store of value

No worries! We‘ve got your back. Try BYJU‘S free classes today!

Measurement of value

No worries! We‘ve got your back. Try BYJU‘S free classes today!

Mode of deffered payment

No worries! We‘ve got your back. Try BYJU‘S free classes today!

Open in App

Solution

The correct option is A
Medium of exchange

Money as a medium of exchange removed the problem of double coincidence of wants.

Suggest Corrections

Similar questions

'Problem of double coincidence of wants' is removed because money acts as

Group A	Group B
1. Near Money	a. Sea Shells
2. Secondary function of money	b. Double coincidence of wants
3. Commodity Money	c. Fiat money
4. Barter	d. Measure of value
5. Legal tender	e. Bills of exchange
	f. Standard of deferred payments
	g. Metallic money

How does money solve the problem of double coincidence of wants? Explain with an example of your own.

Reena a bought a house. While valuing her house, her grandmother valued it in terms of buffalo and carts.

What is the problem that is being faced in the valuation process?

(a) Lack of double coincidence of wants

(b) Lack of store of value

(d) Lack of standard for deferred payment

Explain the problem of double coincidence of wants faced under barter system and how has money solved it.

Join BYJU'S Learning Program