Question

what is double coincidence of wants​

Answer 1

Double coincidence of wants is a mutual agreement where both the parties agree to buy and sell each other's goods. In this system there will be NO particular medium of exchange like money. It's the key feature of barter system

Answer 2

Answer: The coincidence of wants (sometimes referred to as the double coincidence of wants) occurs when two persons who are engaged in an economic phenomenon and they directly swap products without using money when one of them has something the other desires.

Explanation:

• It has frequently been cited in economics as the basis of a bartering economy. However, anthropological research has not proven that this barter model actually operates in the real world.

• In theory, a situation when two parties' wants coincide would require their consent in order to sell and purchase each good.
• In this system, issues occur because it is unlikely that the desires, needs, or occasions that lead to or motivate a transaction would take place at the same time and same location.
• The bar musician who receives alcohol as "payment" is one illustration. The desire coincidence, also referred to as the double coincidence One illustration is the bar musician who is "paid" with alcohol or food but would want a month's worth of housing because his landlord won't accept those products as rent. A coincidence of wants might exist, however, if the musician's landlord were to host a party and demand music for it, employing the musician to play it by providing the month's rent in exchange.

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