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Q.

The direct exchange of goods and services with other goods is known as the ____.


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Detailed Solution

The direct exchange of goods and services with other goods is known as the Barter System.
It was mainly used in the earlier period. In a barter system, both parties agree to exchange each other’s goods. For instance, farmers exchange wheat for milk and vice versa. In this situation, the farmer and the person who sells milk should both require each other’s products. This is known as a "double coincidence of wants. The major drawback of this system is that the exchange is not possible without the double coincidence of wants.
 
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