what is meant by double coincidence of wants
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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.
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Explanation:
Barter will depend on a double coincidence of wants that occurs when one trader is ready to exchange his/her product for something another trader has to offer.
If a hunter was ready to exchange hides for farmer’s corn, that was a coincidence.
But if the farmer was also ready to exchange corn for the hunters hides that was a double coincidence.
As long as specialization was limited to say two or three goods, mutually beneficial traders were relatively easy to come and were mutually benefited.
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