what is double coincidence of wants
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Explanation:
The situation in which both the parties have to agree to buy and sell each other commodities is called double coincidence of wants. FOR EXAMPLE : The shoemaker wants to buy wheat and the farmer wants to buy shoes then they both can exchange their commodities.
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Double coincidence of wants means that the both the parties have to agree to sell and buy each commodities. ... With a medium of exchange you can sell your fruit when it is ripe and take the medium of exchange; then use that to buy wheat when it is harvested, without the need for a coincidence of wants.
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