What is double coincidence of water? Explain?
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Double coincidence of wants is one of the key factors responsible for barter system. This was required at the time where there was no legal tender or.... money. Let's take a hypothetical example:-
A man needs rice and is willing to trade shoes for it. For this he will have to go asking people if they are willing to trade rice for shoes until he finds one. If he does find a guy with the same need, that situation is called double coincidence of wants.
Hope I cleared that out for ya.
A man needs rice and is willing to trade shoes for it. For this he will have to go asking people if they are willing to trade rice for shoes until he finds one. If he does find a guy with the same need, that situation is called double coincidence of wants.
Hope I cleared that out for ya.
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