BANKING AFFAIRS

Detailed explanation-1: -The above statement is true as barter system is a system of exchange where goods or services are directly exchanged for other goods or services without using a medium of exchange such as money.

Detailed explanation-2: -Barter system was a system of exchange where goods were exchanged for goods and there was no common medium of exchange in the economy. Under this system, people exchanged commodities for commodities to satisfy their wants.

Detailed explanation-3: -Bartering is the exchange of goods and services between two or more parties without the use of money. It is the oldest form of commerce.

Detailed explanation-4: -Bartering occurs when two or more parties, such as individuals, businesses and nations, exchange goods or services evenly without the use of a monetary medium.

Detailed explanation-5: -Bartering is the exchange of goods or services. A barter exchange is an organization whose members contract with each other (or with the barter exchange) to exchange property or services.