The exchange of goods and services for other goods & services without using money is known as ____.

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Detailed Solution

Ancient cultures traded products using the barter system. It was a system in which one good, service, or commodity could be traded for another. For instance, if someone is prepared to swap jaggery for sugar, and that person has 1 kilogramme of sugar and wants 1 kg of that in return, the two can be exchanged. This procedure was referred to as a commodity for the exchange of commodities. Furthermore, the monetary system took its place. Barter trades are not possible in a big economy.
The barter system makes it impossible to pass on one's riches.

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