ECONOMICS (CBSE/UGC NET)

Detailed explanation-1: -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. Individuals and companies barter goods and services between each other based on equivalent estimates of prices and goods.

Detailed explanation-2: -Barter is an alternative method of trading where goods and services are exchanged directly for one another without using money as an intermediary. It is an old method of exchange. People exchanged services and goods for other services and goods in return.

Detailed explanation-3: -Since the beginning of known history, humans have directly exchanged goods and services with one another in a trading system called bartering. The history of bartering dates back to 6000 BC. Introduced by Mesopotamia tribes, bartering was adopted by the Phoenicians.

Detailed explanation-4: -The exchange of goods in return for other goods or services is called Barter System.

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