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Question

Which of the following correctly explains what is the barter system?


  1. Exchange of goods for other goods or services

  2. Buying something with money

  3. Giving pencils in exchange for a good or service

  4. Getting free gifts along with goods and services


Solution

The correct option is A

Exchange of goods for other goods or services


Barter System is a system where goods are exchanged for other goods and services. This was a system that was in practice before money was introduced. 

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