ECONOMICS (CBSE/UGC NET)

Detailed explanation-1: -Barter is an act of trading goods or services between two or more parties without the use of money-or a monetary medium, such as a credit card. In essence, bartering involves the provision of one good or service by one party in return for another good or service from another party.

Detailed explanation-2: -barter, the direct exchange of goods or services-without an intervening medium of exchange or money-either according to established rates of exchange or by bargaining. It is considered the oldest form of commerce.

Detailed explanation-3: -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.

Detailed explanation-4: -A barter system is known as an old method of exchange. This system has been practised for centuries and long before money was introduced. People started exchanging services and goods for other services and goods in return.

Detailed explanation-5: -Direct Barter – two or more parties directly trading items or services. Managed Barter or Retail Barter –conducted between small businesses via a locally organized Trade Exchange. More items