ECONOMICS (CBSE/UGC NET)

Detailed explanation-1: -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: -Bartering is the exchange of goods or services.

Detailed explanation-3: -Barter is a system of exchange where participants in a transaction directly exchange goods or services for other goods or services without using money.

Detailed explanation-4: -Before the hard currency came into existence, the most common form of trade was bartering. Barter Systemdates back to the old time when there was no money. The only way to buy goods was to exchange them with personal belongings of similar value.

Detailed explanation-5: -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.