(A2) Verbal to Non-verbal: The barter system is the oldest system of trade which was prevalent or used many centuries back. It refers to that system under which goods or services were exchanged directly with other goods and services and there was no medium of exchange. The first and foremost advantage of barter system is that it's the simplest system of trade which involves no complications Another benefit of barter system is that since no money is involved people will produce and consume only what they want. Another benefit of barter system is that problem of foreign exchange and international trade does not arise and also there is lesa possibility of concentration of wealth in the hands of few people as different people specialize in different work and nobody can control everybody's fortune. The biggest disadvantage of barter system is that it requires double coincidence of want so for example if you are a wheat producer and you want apple but the apple producer does not want to buy wheat rather he or she wants rice then you will have to go to rice producer first and buy rice from him or her and then you can buy apple in exchange of rice. Hence, barter system leads to a lot of wastage of time. There are many practical problems associated with storage of goods, transportation of goods, and wastage of goods due to natural calamities and so on. Another limitation of barter system is that a big product cannot be divided into small products so for example if the cow owner wants to purchase 1 bag of wheat but wheat owner is giving 5 bags of wheat in exchange of 1 cow, now cow owner cannot cut a cow into 5 pieces and hence this problem can be solved only if there is medium of exchange present which in modern economic system is money.
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Answer:
In trade, barter (derived from baretor[1]) is a system of exchange where participants in a transaction directly exchange goods or services for other goods or services without using a medium of exchange, such as money.[2] Economists distinguish barter from gift economies in many ways; barter, for example, features immediate reciprocal exchange, not delayed in time. Barter usually takes place on a bilateral basis, but may be multilateral (i.e., mediated through a trade exchange). In most developed countries, barter usually only exists parallel to monetary systems to a very limited extent. Market actors use barter as a replacement for money as the method of exchange in times of monetary crisis, such as when currency becomes unstable (e.g., hyperinflation or a deflationary spiral) or simply unavailable for conducting commerce.
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