Question

The problem with barter economies is that they require: Select one: a. less time and trouble...

The problem with barter economies is that they require:
Select one:
a. less time and trouble to trade as compared with a money economy.

b. that there be a double coincidence of wants.

c. a banking system for trade to occur.

d. that there be a single coincidence of wants.

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Answer #1

Double coincidence of wants.

Double coincidence of want is a major limitation of barter system. It is a situation in which both parties agree to buy and sell commodities each other. Coincidence of want occurs only when both buyer and seller are ready to exchange each other's good.

For example, Alan can exchange good with John when Alan has what John needs to buy and John has what Alan needs to buy.

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