what is Barter system
Answers
Answer:
Barter system was the type of system in which there was change of the product between the consumer and seller . Example- I am taking rice from you and giving you the flour .
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Explanation: In trade, barter is a system of exchange where participants in a transaction directly exchange goods or services for other goods or services without using a medium of exchange, such as money.Barter is a system of exchange where goods or services are directly exchanged for other goods or services without using a medium of exchange, such as money. It is distinguishable from gift economies in many ways; one of them is that the reciprocal exchange is immediate and not delayed in time. An example of barter is when the people within a community exchange goods and services so that money needn't be used.
Problems faced were:- An example of barter is bread provided in exchange for butter. In the barter system he has to find out a person who not only has sugar but also wants rice. Lack of Common Measure of Value Even if the two people who want each other's goods meet by coincidence, the problem arises in deciding the proportion in which the goods should be exchanged.