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: -The above statement is true as barter system is a system of exchange where goods or services are directly exchanged for other goods or services without using a medium of exchange such as money.

Detailed explanation-5: -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.