explain double coincidence of wants with example
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the word double coincidence of wants means
if both parties after to buy and sell each others commodities respectively then it is known as double coincidence of wants.
if both parties after to buy and sell each others commodities respectively then it is known as double coincidence of wants.
muski4:
It is the Major drawback of barter system for example it is very rare when the owner of some goods and services could find someone who wants his goods and services and posses that goods And Services which he (the 1st person) want if this type of double coincidence exist then we are able to exchange our goods to other
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"Double coincidence" of wants leads way back in time, history holds a special place for double coincidence of wants.
EXPLANATION:
Double coincidence of wants is the medium where the exchange isn’t monetary it’s a barter system where both parties involved in the transaction has to agree on a medium of payment which is not monetary.
Example: Back in the day if one had to buy wheat from the other person he might have to give his shoes away as form exchange.
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