The direct exchange of goods and services with other goods is known as the system, while in the present system, money can be used as a medium of .

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Detailed Solution

The direct exchange of goods and services with other goods is known as the barter system, while in the present scenario, money is used as a medium of exchange.
In a barter system, both parties have to agree to exchange each other’s goods. Money is used as a medium of exchange in the system that is followed now. Transactions can be made with money, as a person holding money can exchange it for any commodity or service. It can also be exchanged while consuming any service, such as a doctor, teacher, etc..

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