ECONOMICS (CBSE/UGC NET)

Detailed explanation-1: -The occurrence when the wants of buyers and sellers both get fulfilled simultaneously in the process of exchange of mutually possessed goods is known as double coincidence of wants. Both parties, the seller and buyers have to agree to sell and buy each others commodities.

Detailed explanation-2: -The coincidence of wants (often known as double coincidence of wants) is an economic phenomenon where two parties each hold an item that the other wants, so they exchange these items directly without any monetary medium. Within economics, this has often been presented as the foundation of a bartering economy.

Detailed explanation-3: -The barter system is a trade in which goods are exchanged between the buyer and seller without the use of real money. ‘Double coincidence of wants is a feature of the barter system. Double coincidence of wants occurs when two people have goods and they are both happy to swap in exchange.

Detailed explanation-4: -Double coincidence of wants is a typical feature of barter system of exchange.

Detailed explanation-5: -The problems associated with the barter system are inability to make deferred payments, lack of common measure value, difficulty in storage of goods, lack of double coincidence of wants.