what is the economic system called that allows exchange of rice instead of clothes?
Answers
Answered by
0
⎝⎝⫷⫸⎠⎠ANSWER⎝⎝⫷⫸⎠⎠
The coincidence of wants is an economic phenomenon where two parties each hold an item the other wants, so they exchange these items directly without any monetary medium. This type of exchange is the foundation of a bartering economy.
Answered by
0
The economic system that allows exchange of rice instead of clothes ( i.e. one commodity with another commodity) is known as The barter system.
Explanation:
The economic system that allows exchange of rice instead of clothes ( i.e. one commodity with another commodity) is known as The barter system.
- Barter method is an ancient method of exchanging various goods and services. This method has been used for millennia, even before the invention of money.
- People traded various goods in exchange for other services and products. The value of the barter can be agreed upon with the other party.
- For example, exchanging bread for butter, or clothing for some other commodity.
Similar questions