Question

what is double coincidence of wants? Explain with an example of your own

Answer 1

double coicidence of wants is the situation where both the parties have to agree on giving nd taking. ex - a shoe seller who wants grains as to look for the grain seller who wld take grains in place of shoes

Answer 2

• When any two individuals of parties the buyer and the seller have such commodities which are required by one another they exchange these items without the use of money.  
• This is an important concept of the barter system.  
• In the earlier time when currency notes were not introduced people used to exchange commodities or services from one another.
• For example if you want to eat a burger but you have a pizza and a friend of yours who has a burger I want to eat a pizza. Here we can see  that there is a double coincidence of wants and you and your friend can exchange the commodities you both possess which are required to buy one another.