Which among the following is an essential feature of barter system?
(a) A person holding money can easily exchange any commodity.
(b) It is based on double coincidence of wants.
(c) It is generally accepted as a medium of exchange of goods with money.
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The essential feature of barter system is accepted as the medium of exchange of goods with money. In barter system the business is done through the exchange of goods. In short, in this system the goods are exchanged without the use of money.Moreover, this system lacks the double availability of wants which is one of its flaws. Nowadays, the system is not widely used due to its innumerable drawbacks.
I hope it helps.
The essential feature of barter system is accepted as the medium of exchange of goods with money. In barter system the business is done through the exchange of goods. In short, in this system the goods are exchanged without the use of money.Moreover, this system lacks the double availability of wants which is one of its flaws. Nowadays, the system is not widely used due to its innumerable drawbacks.
I hope it helps.
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