explain double concidenceof wants with an example
Answers
The double coincidence of wants mean that both the parties have to agree to sell and buy each other's commodity i.e. what a person desires to sell is exactly what the other person wishes to buy. ... In a barter system commodities bare exchanged with commodities of other person without the use of money.
In earlier times when there was no currency, people were dependent on barter system(exchange of goods for goods). Now suppose you have rice and you wish to get a shoe then you'll have to find a person who has shoes but also he needs rice. Then only you would be able to exchange the product with him. This is called double coincidence of wants.The double coincidence of wants mean that both the parties have to agree to sell and buy each other's commodity i.e. what a person desires to sell is exactly what the other person wishes to buy.
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➡The double coincidence of wants mean that both the parties have to agree to sell and buy each other's commodity
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