Goods are exchanged for goods is called

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Exchange

Barter system

Money

Economy

answer is B.

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Detailed Solution

Goods are exchanged for goods is called the barter system. A barter system, where items are directly exchanged without money. In other words, both parties must consent before they can buy and sell each other's goods. The phrase "double coincidence of wants" describes this. People traded one good for another to fulfil their needs under this arrangement. This procedure was referred to as a commodity for the exchange of commodities. Barter exchanges are not possible in a big economy. The barter system makes it impossible to pass on one's wealth. In a barter system, a person might wind up spending very high costs in the quest for a person to exchange their surplus.

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