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Q.

An essential feature of the barter system is the ____ of wants.


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Detailed Solution

An essential feature of the barter system is the double coincidence of wants.
A barter system refers to a system where goods are exchanged for goods. Double coincidence of wants refers to a condition where what a person wants to sell is exactly what the other person has to buy. For example, if a farmer wants to sell rice and has to purchase cloth, he needs to find a person who is ready to buy rice and sell cloth material. This was how the barter system worked with the double coincidence of wants.
 
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