What is double coincidence of wants ?(Economics class 10)
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Answer:
The coincidence of wants is an economic phenomenon where two parties each hold an item the other wants, so they exchange these items directly without any monetary medium. This type of exchange is the foundation of a bartering economy.
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Explanation:
Double coincidence of wants means that the person who wants to buy a good A and sell good B can buy it from another person who wanted to buy good B in exchange for good A only. Explanation: The double coincidence of wants exists in the barter system and it is solved by the use of a standard medium like money....
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