Question

what is a barter system? and what are its drawbacks?​

Answer 1

exchanging goods for goods

Answer 2

Barter System Or Double Coincidence Is The System In Which A Person Exchange His/her Commodity or Service which the other person can provide.

Disadvantages-

(i)Lack of Double Coincidence of Wants: Barter system can work only when both buyer and seller are ready to exchange each other’s goods.

(ii)Lack of Common Measure of Value: In the barter system, all commodities are not of equal value and there is no common measure (unit) of value of goods and services, in which exchange ratios can be expressed.

(iii)Lack of Standard of Deferred Payment: The borrower may not be able to arrange goods of exactly same quality at the time of repayment.

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