wTt iz DoubLe coincidence of wants.......xplain wit exmpl
Answers
The coincidence of wants (often known as double coincidence of wants[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.
In-kind transactions have several limitations, most notably timing constraints. If you wish to trade fruit for wheat, you can only do this when the fruit and wheat are both available at the same time and place (and, additionally, only if someone wishes to trade wheat for fruit). That may be a very brief time, or it may be never. With a medium of exchange you can sell your fruit when it is ripe and take the medium of exchange; then use that to buy wheat when it is harvested, without the need for a coincidence of wants.
Double coincidence of wants:-- Both parties, the seller and the buyers have to agree to sell and buy each other's commodities. Goods are directly exchanged without the use of money.
For example:--A shoemaker wants to sell shoes in turns that he could get wheat but the wheat vedor/farmer don't want shoes.
This may create a huge problem.So money came in practice to avoid double coincidence of wants...
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