Choose the given statement is true/false:

The term “barter system” describes a method of exchanging products and services.

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Detailed Solution

The above statement is true.
The barter system is a kind of commerce in which participants directly swap one commodity or service for another without using a means of exchange like money. There was no traditional business medium when items were traded under the barter system of exchange. Individuals traded one good for another to fulfil their needs under this arrangement. Barter is a transaction in which two or more people exchange products or services without exchanging cash or other forms of payment like credit cards. In its simplest form, bartering entails the exchange of one party's good or service for another party's good or service.

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