barter system

The exchange of goods and services without the use of money is called______.

• service

• consumer

• producer

• barter

5: Which one of these is a limitation of barter system?

• Lack of double coincidence of wants

• Lack of store of value

• Lack of common measure of value

• All of these

In barter system, we buy goods for cash.

• True

• False

What is one advantage of the barter system?

• Barter system is not scalable for complex transactions

• Direct exchange of goods and services without the need for money

• Barter system leads to inefficiencies in matching wants and needs

• Barter system does not provide a standard unit of account

Before money was invented people had to _____.

• Barter

• Buy

Which of the following is an essential feature of the barter system?

• Double coincidence of wants

• existence of money

• exchange of goods for money

• Availability of product

there are no problem faced when people are using barter system.

• True

• False

Which discovery helped in the introduction of money as a medium of exchange?

• Chemicals

• Fire

• Forging techniques

• Metal