Barter (Economics)

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  • A system that served the function of money before the development of money. In the absence of money, trade was conducted through the exchange of goods. For example, a farmer will barter his corn for some goods that he needs. If the farmer needs a pair of shoes, then he will barter his corn or exchange the corn for a pair of shoes. This system was very cumbersome. If you have a horse to trade, you must search for someone who has the need for the horse and at the same time has a good that you want. The swap rate also became a problem in this system. If a farmer with a cow needs four chickens and another farmer has only two chickens, the ...

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