Question

what is barter system ? discuss its drawbacks​

Answer 1

Barter system means exchange goods or services for other goods and services is known as barter system

example : if u have an amount of ₹1000

I have 30 kgs rice

u need rice and I need money

then u will give me money and I will give u rice

this exchanging system is known as barter system it was used mostly in olden days

Answer 2

Answer:

A barter system is an old method of exchange. The system has been used for centuries and long before money was invented. People exchange services and goods for other services and goods in return.

Drawbacks of barter system:

• Lack of double coincidence of wants.
• Lack of a common measure of value.
• Indivisibility of certain goods.
• Difficulty in making deferred payments.
• Difficulty in storing value.

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