Question

What is barter system of exchange ? Explain its main drawbacks.

Answer 1

Answer:

The major drawbacks of the barter system were: (i) Lack of double coincidence of wants It was a major drawback of the barter system. It was very rare when the owner of some goods or services could find someone who wanted his goods or services and possessed that goods or services that the first person wanted.

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Answer 2

Explanation:

A barter system is an old method of exchange. Th is system has been used for centuries and long before money was invented