The barter system. - SS1 Commerce Past Questions and Answers - page 1
What is the barter system?
A method of exchanging goods or services without money
A system of using standardized units of measurement
A system of centralized economic planning
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What is one advantage of the barter system?
It allows for easy comparison of values
It simplifies transactions
It provides a universally accepted medium of exchange
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What is the challenge of the barter system?
Standardized measure of value
Double coincidence of wants
Easy negotiations and quick transactions
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What is the main reason societies transitioned from barter to money?
To simplify transactions and make trade more efficient
To eliminate the need for goods and services
To establish a centralized economic planning system
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In which contexts does the barter system still exist today?
Local or informal economies
Global financial markets
Online retail platforms
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What is the double coincidence of wants in the context of the barter system?
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What was one of the key advantages of transitioning from the barter system to money?
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