What is Barter system? What are its drawbacks?

1.	What is Barter system? What are its drawbacks?
Answer» Barter system of exchange is a system in which goods are exchanged for goods. It’s Drawbacks are: 1. Lack of double coincidence of wants. 2. Lack of divisibility. 3. Difficulty in storing wealth. 4. Absence of common measure of value. 5. Lack of standard of deferred payment.

Answer»

Barter system of exchange is a system in which goods are exchanged for goods.

It’s Drawbacks are:

1. Lack of double coincidence of wants.

2. Lack of divisibility.

3. Difficulty in storing wealth.

4. Absence of common measure of value.

5. Lack of standard of deferred payment.

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What is Barter system? What are its drawbacks?

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