ECONOMICS
TRADE EXCHANGE AND INTERDEPENDENCE
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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selling rice
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swapping sandwiches
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mowing your neighbor’s lawn
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None of the above
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Detailed explanation-1: -In a Barter system, only goods and services are exchanged without any involvement of money. Hence exchanging a cup of oil for a cup of pulses is an example of barter system where goods are exchanged . This is an example of Bartering.
Detailed explanation-2: -Trade in goods includes all goods which add to, or subtract from, the stock of material resources of a country by entering its economic territory (imports) or leaving it (exports). This indicator is measured in million USD.
Detailed explanation-3: -Commerce is an exchange between two parties of goods or services for money. The word often implies large-scale transactions.
Detailed explanation-4: -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.