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: -Trade in goods and services is defined as the transactions in goods and services between residents and non-residents.

Detailed explanation-3: -Exchanging goods for goods is called the Barter System.

Detailed explanation-4: -When goods and services are exchanged between different regions within the same country, it is called domestic trade or internal trade.

Detailed explanation-5: -Barter is a type of trade where goods or services are exchanged for a certain amount of other goods or services; no money is involved in the transaction.