Class 10 Exam > Class 10 Questions > Anything which is generally acceptedby the pe...
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Anything which is generally acceptedby the people in exchange of goods andservices is called :
[2011 (T-2)]
- a)money
- b)barter
- c)credit
- d)loans
Correct answer is option 'B'. Can you explain this answer?
Most Upvoted Answer
Anything which is generally acceptedby the people in exchange of goods...
Definition of Barter
Barter is a system of exchange where goods or services are directly exchanged for other goods or services without using a medium of exchange, such as money. Barter is a form of trade in which one party exchanges goods or services for another without the use of money.
Explanation
In barter system, people exchange goods or services with each other according to their needs. This was the earliest form of trade and was widely used before the introduction of money. For example, a farmer may exchange a sack of rice for a cow with a cattle farmer. In this way, both parties get what they need without using money.
Advantages of Barter System
- It helps to save money as there is no need to use cash.
- It facilitates direct exchange of goods and services, which can be very convenient.
- It helps to establish good relationships between buyers and sellers.
Disadvantages of Barter System
- It is difficult to find someone who has what you need and wants what you have.
- It is difficult to determine the value of goods and services being exchanged.
- It is difficult to make large transactions using the barter system.
Therefore, barter is not commonly used today but it still exists in some parts of the world as a means of exchange.
Barter is a system of exchange where goods or services are directly exchanged for other goods or services without using a medium of exchange, such as money. Barter is a form of trade in which one party exchanges goods or services for another without the use of money.
Explanation
In barter system, people exchange goods or services with each other according to their needs. This was the earliest form of trade and was widely used before the introduction of money. For example, a farmer may exchange a sack of rice for a cow with a cattle farmer. In this way, both parties get what they need without using money.
Advantages of Barter System
- It helps to save money as there is no need to use cash.
- It facilitates direct exchange of goods and services, which can be very convenient.
- It helps to establish good relationships between buyers and sellers.
Disadvantages of Barter System
- It is difficult to find someone who has what you need and wants what you have.
- It is difficult to determine the value of goods and services being exchanged.
- It is difficult to make large transactions using the barter system.
Therefore, barter is not commonly used today but it still exists in some parts of the world as a means of exchange.
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Community Answer
Anything which is generally acceptedby the people in exchange of goods...
Here in the question 1st line says "anything " so 1st when you see the question you will just put the money as a correct answer but it's wrong because 'anything which is Generally accepted by people in exchange of goods and services'is obviously barter system.The barter system is an opportunity for both.
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