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Explain the difficulties in barter system?
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3
Answer:
The main difficulty of barter system is the lack of double coincidence of wants. In a barter system a person who wants to exchange his goods must find some person who is willing to exchange his commodity with his commodity.
For example–a person possessed wheat, which he wanted to exchange for cloth.
Answered by
2
Answer:
There are many difficulties in a barter system:
- It depends on double coincidence of wants - Both buyer and seller need to trade goods.
- Barter system will not work in the modern world because of money.
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