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The double coincidence of wants is an essential feature in the ____ system.

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Detailed Solution

The double coincidence of wants is an essential feature in the barter system of the economy.
The double coincidence of wants is a situation where the good that a person is willing to sell is exactly what the other person is willing to buy. In other words, both parties to a trade have to agree to buy and sell each other’s commodities. It was nearly impossible to achieve a double coincidence of wants in every trade transaction. Hence, the lack of double coincidence of wants was a huge downside to the barter system.

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The double coincidence of wants is an essential feature in the ____ system.