Question

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

Answer 1

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Money solves the problem of double coincidence of wants by acting as a medium of exchange. ... For example, if an ice-cream vendor wants a bicycle but the bicycle manufacturer wants clothes, and not ice-creams, then the vendor can use money to obtain a bicycle.

Answer 2

Explanation:

Money is a national medium of exchange. And too authorized by the governor of the country, it is accepted by the all over people of a country. EXAMPLE : A PERSON WANTS POTATO AND THE OTHER SHOES. IF THE PERSON WHO IS IN NEED OF SHOES HAVE POTATO BUT THE OTHER WHO IS IN NEED OF POTATO DOESN'T HAVE SHOES, IN THAT CASE, MONEY CAN HELP TO BUY THEIR OWN RESPECTED NEEDS.

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