ECONOMICS
ECONOMIC INSTITUTIONS
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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Buyer and seller interact with one another to exchange goods for an amount of money.
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Exchange
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Purchase
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Loans
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Barter
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Explanation:
Detailed explanation-1: -Bartering is based on a simple concept: Two individuals negotiate to determine the relative value of their goods and services and offer them to one another in an even exchange. It is the oldest form of commerce, dating back to a time before hard currency even existed.
Detailed explanation-2: -The correct option is A Market. Market is a location, more like a physical place, where buyers and sellers meet to exchange their goods and services. In economics, the term ‘market’ does not refer to a particular place as such, but it refers to shops for one commodity or a set of commodities.
Detailed explanation-3: -The system of exchanging goods in return for goods is known as the barter system.
There is 1 question to complete.