[[1]] is a system of exchanging goods.

see full answer

Your Exam Success, Personally Taken Care Of

1:1 expert mentors customize learning to your strength and weaknesses – so you score higher in school , IIT JEE and NEET entrance exams.

An Intiative by Sri Chaitanya

(Unlock A.I Detailed Solution for FREE)

Best Courses for You

JEE

NEET

Foundation JEE

Foundation NEET

CBSE

Detailed Solution

Barter is a system of exchanging goods.
When two people have two separate items or services that the other needs and can swap them cheerfully, this is referred to as having a double coincidence of wants. This occurs in a barter economy, where products and services are traded for other goods and services. This also qualifies as one of a barter economy's drawbacks. The ideal barter would be when two wants coincide. The current economic system, however, employs money as a monetary unit for trading and transactional reasons because this is now relatively uncommon. It fixes the issue that might arise from a lack of two demands being simultaneously satisfied and removes a significant transaction cost in barter economies.

Watch 3-min video & get full concept clarity