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Analyze the information given below, considering one of the following correct options:
Ramu is a shoe manufacturer and he wants to directly exchange shoes for rice without the use of money. Now he will have to look for a rice growing farmer who not only wants to sell rice but also wants to buy the shoes in exchange. Analyse the information given above, considering one of the following correct option:
  • a)
    Double coincidence of wants
  • b)
    Goods exchange with goods
  • c)
    Goods exchange with money
  • d)
    None of the above
Correct answer is option 'A'. Can you explain this answer?
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Analyze the information given below, considering one of the following...
In a barter economy, an exchange between two people requires a double coincidence of wants, which means that what one person wants to buy is exactly what the other person wants to sell.
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Analyze the information given below, considering one of the following...
Double coincidence of wants

The correct option to analyze the given information is "Double coincidence of wants". Let's break down the information and understand why this option is the most suitable.

1. Introduction:
- Ramu is a shoe manufacturer who wants to exchange his shoes for rice without using money.
- He needs to find a rice-growing farmer who not only wants to sell rice but also wants to buy shoes in exchange.

2. What is double coincidence of wants?
- Double coincidence of wants refers to a situation where two parties have exactly what the other party desires for a direct exchange to take place.
- In simpler terms, it is the coincidence of needs between two individuals for a mutual exchange to occur without the use of money.

3. Analysis of the given information:
- Ramu wants to exchange his shoes for rice directly without involving money.
- However, for this exchange to occur, he needs to find a rice-growing farmer who not only wants to sell rice but also wants to buy shoes.
- Here, we can see that Ramu's desire to exchange shoes coincides with the rice-growing farmer's desire to buy shoes.

4. Why double coincidence of wants is applicable here?
- In this scenario, Ramu and the rice-growing farmer both have specific wants that align perfectly for a direct exchange to happen.
- Ramu wants to get rice, and the rice-growing farmer wants to acquire shoes.
- Both parties have goods that the other party desires, creating a double coincidence of wants.

5. Alternatives:
- Goods exchange with goods: This option is not applicable as it suggests a direct exchange between goods without the consideration of individual wants or needs.
- Goods exchange with money: This option is not applicable as Ramu specifically wants to avoid involving money in the exchange.

6. Conclusion:
- The given information about Ramu's desire to exchange his shoes for rice without money clearly exemplifies the concept of double coincidence of wants.
- Ramu needs to find a rice-growing farmer who not only sells rice but also desires to buy shoes in exchange, creating a perfect alignment of wants for a direct exchange to occur.
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Read the extract given below and answer the questions that follows:Bartering is the act of trading one good or service for another without using a medium of exchange such as money. A bartering economy differs from a monetary economy in a variety of ways. When barter was used as an exchange medium, the needs of people were very limited. This trading method doesn’t involve money and it relies solely on exchanging goods and services for other services and goods in return. The use of money spans a very large part of our everyday life. To understand the usefulness of money, we must consider what the world would be like without money. How would people exchange goods and services? Economies without money typically engage in the barter system. Barter is highly inefficient for trying to coordinate the trades in a modern advanced economy. In an economy without money, an exchange between two people would involve a double coincidence of wants, a situation in which both the parties have to agree to sell and buy each other’s commodities. This is known as double coincidence of wants. What a person desires to sell is exactly what the other wishes to buy. In a barter system where goods are directly exchanged without the use of money, double coincidence of wants is an essential feature. Another problem with the barter system is that it does not allow us to easily enter into future contracts for purchasing many goods and services. Money solves the problems that the barter system creates. Money serves as a medium of exchange, which means that money acts as an intermediary between the buyer and the seller. Modern forms of money include currency — paper notes and coins. The other form in which people hold money is as deposits with banks.Answer the following MCQs by choosing the most appropriate optionQ. Which of the following has an essential feature of double coincidence?

Analyse the information given below, considering one the following correct options:By the late nineteenth century, manufacturers were printing calendars to popularise their products. Unlike newspapers and magazines, calendars were used even by people who could not read. They were hung in tea shops and in poor people’s homes just as much as in offices and middle-class apartments. And those who hung the calendars had to see the advertisements, day after day, through the year. In these calendars, once again, we see the figures of Gods being used to sell new products. Like the images of gods, figures of important personages, of emperors and nawabs, adorned advertisement and calendars. The message very often seemed to say: if you respect the royal figure, then respect this product; when the product was being used by kings, or produced under Royal command, its quality could not be questioned.

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Analyze the information given below, considering one of the following correct options:Ramu is a shoe manufacturer and he wants to directly exchange shoes for rice without the use of money. Now he will have to look for a rice growing farmer who not only wants to sell rice but also wants to buy the shoes in exchange. Analyse the information given above, considering one of the following correct option:a)Double coincidence of wantsb)Goods exchange with goodsc)Goods exchange with moneyd)None of the aboveCorrect answer is option 'A'. Can you explain this answer?
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