ECONOMICS
MONEY
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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An economy that Honey the Cat owns, its hers!
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An economy in which goods and services are traded directly
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An economy in which exchanges are made through some commonly accepted medium of exchange
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A type of economy that is solely run by the Government and is very unfair towards citizens
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Detailed explanation-1: -A barter economy is a cashless economic system in which services and goods are traded at negotiated rates. Barter-based economies are one of the earliest, predating monetary systems and even recorded history. People can successfully use barter in many almost any field.
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. For instance, a farmer may exchange a bushel of wheat for a pair of shoes from a shoemaker.
Detailed explanation-3: -Bartering is a cashless exchange system, where two parties trade goods or services directly, without money entering the conversation. It might bring to mind medieval marketplaces, but bartering still occurs a lot in the modern business world – typically in the shape of trading space, services or supplies.
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: -Flow of Goods and services and factors of production across different sectors in a barter economy is known as real flow since there are only exchange of goods and services in the barter economy. Real flow refers to the flow of goods and services across different sectors of the economy.