Question

what is barter system​

Answer 1

Definition of Barter System

A system in which goods and services are directly exchanged for other goods without the use of money is called barter system. In other words it is the direct exchange of goods for goods. According to Prof Standy, barter economy is such an economy in which there is no use of a generally acceptable medium of exchange. Before the emergence of money the this system was in practice. Now-a-days it is not completely eliminated from the economy however its use has become limited. Even in modern times during monetary crisis, or hyperinflation, thesystem has replaced the use of Money.

Answer 2

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In trɑde, bɑrter is ɑ system of exchɑnge where pɑrticipɑnts in ɑ trɑnsɑction directly exchɑnge goods or services for other goods or services without using ɑ medium of exchɑnge, such ɑs money.

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