Question

what is meant by double coincidence of wants ?how does money overcome this problem ​

Answer 1

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 problem is caused by the improbability of the wants, needs, or events that cause or motivate a transaction occurring at the same time and the same place. One example is the bar musician who is "paid" with liquor or food, items which his landlord will not accept as rent payment, when the musician would rather have a month's shelter. If, instead, the musician's landlord were to throw a party and desire music for it, hiring the musician to play it by offering the month's rent in exchange, a coincidence of wants would exist.

money overcome this problem as it is the widely accepted medium of exchange.

Answer 2

when both the parties in a barter economy have to agree to sell and buy each other's commodities is called double coincidence of want.