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Further detail
Commodities used historically in exchange included cowrie shells, salt, tea, tobacco, cloth, cattle, seeds and other goods.
If one student has an extra eraser and another has an extra pencil but needs an eraser, they can exchange the eraser for the pencil through barter.
1. What best defines a barter system?
2. What is the barter system primarily characterized by?
3. Which situation is an example of direct barter?
What is the barter system?
A way of exchanging goods and services without money.
Barter System Definition
Exchange goods/services directly without money.
How do people exchange goods in a barter system?
By directly trading one good or service for another that meets their needs.
Problems of Barter
Requires double coincidence of wants.
What is double coincidence of wants in barter?
Two people each have something the other wants and can exchange directly.
Money's Emergence
Needed for large, long-distance exchanges.
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