describe the pros and cons of the barter system ?
Answers
Answer:
Barter system involves various difficulties and inconveniences which are discussed below:
Double Coincidence of Wants: ...
Absence of Common Measure of Value: ...
Lack of Divisibility: ...
The Problem of Storing Wealth: ...
Difficulty of Deferred Payments: ...
Problem of Transportation
Answer:
Barter system:
In the medieval period, people used to good to change their goods for their uses
Advantages (pros)
People don't need money to change
This lead to not invest money in making notes or coin
They use it in on purpose, of development
It needs only people to change
Not a shop or something needed
Disadvantages (Cons)
The people that need a Chicken but other people need wheat
They can't change the product
If any of them have not chicken or wheat
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Explanation: