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A potato farmer wants rice but the rich farmer doesn't want potatoes, he is in need of bananas. Identify the condition

Posted by arch****@***** 5 years, 10 months ago

CBSE > Class 10 > Social Science

2 answers

Dharmender Saroha 5 years, 10 months ago

The condition is double coincidence

0Thank You

Yogita Ingle 5 years, 10 months ago

The situation described in the question is the lack of a double coincidence of wants in which the requirement of potato farmer can only be fulfilled if the rice farmer wants potato in return.
However, in this situation, rice farmer is in need of bananas and not potato so the exchange of commodity does not take place.
Such kind of situation arises in the barter system in which the trade can take place only when double coincidence of wants takes place.
Otherwise there would be no transaction owing to which basic needs of people are difficult to fulfill.

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