What is barter system? Explain briefly.
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Posted by Francis Lalu 5 years ago
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Yogita Ingle 5 years ago
Barter system was used in ancient times for the exchange goods. It was a system where one commodity, product or some goods was exchanged for another. For instance, if a person has 1 kg of sugar and he wants to have 1 kg of jaggery in exchange for that, he can exchange the same if there is someone who is willing to exchange jaggery for sugar. This process was called a commodity for commodity exchange. Further, it was replaced by the monetary system.
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