what is double coindence of wants? explain?
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Explanation:
The double coincidence of wants mean that both the parties have to agree to sell and buy each other's commodity i.e. what a person desires to sell is exactly what the other person wishes to buy.
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The double coincidence of wants mean that both the parties have to agree to sell and buy each other's commodity i.e.
- what a person desires to sell is exactly what the other person wishes to buy.
- The coincidence of wants (often known as double coincidence of wants) lacking a medium of exchange (such as money), which have to rely on barter or other in-kind transactions.Double coincidence of wants means that the both the parties have to agree to sell and buy each commodities.
- The basic feature of double coincidence of wants is that a barter system cannot work without barter system. It was practiced in barter system
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