Choose if the given statement is True/False.

A barter system is a convenient form of making transactions.

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True

False

answer is B.

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Detailed Solution

The given statement is False.
Humans have engaged in direct trade, or bartering, with one another for products and services from the beginning of recorded history. When parties are unable to locate willing counterparts to deal with, the barter system frequently results in an uneven system of commerce. Additionally, there is no standard unit of measurement for products and services under the barter system. Since most products lose value over time, they are less desirable for trade and value storage. In the present-day scenario, it is almost impossible to have a smooth economic life with a system that depends on the exchange of mutual wants.

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