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Q.

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

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Detailed Solution

The direct exchange of goods with other goods is known as the Barter system. It was used before the introduction of money. In a barter system, both parties agree to exchange each other’s goods. For instance, farmers are exchanging wheat for milk and vice versa. In this situation, the farmer and the person who sells milk are both in need of each other’s products. This is known as a "double coincidence of wants". The major drawback of this system is that the exchange is impossible without the double coincidence of wants. Thus, it was later eliminated by the introduction of money

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