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Money overcomes the problems of barter system. It is
- a)Can’t say
- b)1
- c)0
- d)Seldom
Correct answer is option 'B'. Can you explain this answer?
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Money overcomes the problems of barter system. It isa)Can’t sayb...
Money overcomes the problem of barter system by replacing the C-C economy with monetary economy (where 'C stands for commodity).
(i) In the barter system, there was a problem of double coincidence of wants. It was very difficult to match the expectations of two different individuals. Thus, money was invented to overcome the problem of double . coincidence of wants.
(ii) When there was no money, it was difficult to give common unit of value to goods or commodities, but when money was evolved, it gave a common unit of value to every goods and services.
(iii) Money facilitates the contractual future payments which were impossible at the time of barter system.
Community Answer
Money overcomes the problems of barter system. It isa)Can’t sayb...
Because money act as a common unit of exchange.that's why, it overcomes the problem of barter system as in barter system there is a limitation of double coincidence of wants.
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Money overcomes the problems of barter system. It isa)Can’t sayb)1c)0d)SeldomCorrect answer is option 'B'. Can you explain this answer?
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