What do we mean by barter …
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Posted by Sub Sahi Hai Hai 4 years, 9 months ago
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Amisha Patel 4 years, 8 months ago
Geetika Gujjar 4 years, 9 months ago
Sushmita Kumari 4 years, 9 months ago
Gaurav Seth 4 years, 9 months ago
The system in which goods are directly exchanged without the use of money.
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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Amisha Patel 4 years, 8 months ago
0Thank You