Question

Identify the condition when both the parties in a barter economy have to agree to sell and buy each other‟s commodities? What is it called?

Answer 1

The condition when both the parties in a barter economy have to agree to sell and buy each other's commodities is called double coincidence of wants

Double coincidence of wants is essential feature of the barter system. Double coincidence of wants means what a person wants to sell is exactly what the other person wishes is to buy.

Double coincidence of wants happens when a person having a surplus of one commodity should be able to find another person who wants the commodity as well as it has something acceptable to offer in exchange.

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Answer 2

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