What are the limitations of Barter …

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What are the limitations of Barter system

Posted by Sagar Maurya 7 years, 11 months ago

CBSE > Class 10 > Social Science

1 answers

Yogita Ingle 7 years, 10 months ago

The limitations of the barter system:
(i)Lack of Double Coincidence of Wants: Barter system can work only when both buyer and seller are ready to exchange each other’s goods.
(ii)Lack of Common Measure of Value: In the barter system, all commodities are not of equal value and there is no common measure (unit) of value of goods and services, in which exchange ratios can be expressed.
(iii)Lack of Standard of Deferred Payment: The borrower may not be able to arrange goods of exactly same quality at the time of repayment.

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