what is barter system?mention any two problems of barter system
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Barter system had many difficulties which were faced by the people like lack of double coincidence of wants, lack of a common unit of value, difficulty of future payments or contractual payments and difficulty of storage of value and transfer of value.
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A barter system is an old method of exchange.People exchanged services and goods for other services and goods in return.
The two problems are:
1.lack of double coincidence of wants.
2.lack of a common unit of value.
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