The exchange of goods and services without using money is known as ____

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Detailed Solution

The exchange of goods and services or property for other goods etc. without using money is known as the Barter System.
It implies a situation where two parties agree to sell and buy each other's goods or commodities, i.e. one party wants to sell exactly what the other party wants to buy. For example, there are two parties, one wants wheat to have rice and the other wants rice which has wheat, so in this situation, they exchange each other's commodities and fulfil their needs. But there are some drawbacks to the barter system, like
1) Lack of double coincidence of wants: It is always not necessary that the opposite party requires the goods they have.
2) Lack of common unit of value: Goods exchanged are not measured in a common value.

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