what is double coincidence of wants?? Explain with an example of your own.
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Answer:
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.
Explanation:
Explain with an example of your own. Money solves the problem of double coincidence of wants by acting as a medium of exchange. ... For example, if an ice-cream vendor wants a bicycle but the bicycle manufacturer wants clothes, and not ice-creams, then the vendor can use money to obtain a bicycle.
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