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Q.

When both parties have agreed to sell and buy each other's goods, this is known as having a ____ of wants.


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Detailed Solution

When both parties have agreed to sell and buy each other's goods, this is known as having a double coincidence of wants.
The double coincidence of desires indicates that both the vendor and the consumer must agree to exchange goods. The direct exchange of goods takes place without the need for money. In this system, issues develop because it is unlikely that the desires, conditions, or occasions that lead to or drive a transaction would co-occur at the exact location. The direct exchange of goods takes place without the need for money. For instance, one individual may have rice but require wheat, while another may have grain but require rice. After that, they will trade items. The term “double coincidence of wants” refers to this encounter.
 
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