Transactions in a barter system.

Question

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Answer 1

Question

Chapter 28, Problem 1DQ

To determine

Transactions in a barter system.

Expert Solution & Answer

Explanation of Solution

In trade, a barter system refers to the exchange of goods and services without the use of a common currency. The party directly exchanges goods and services with other goods and services. The coincidence of need is necessary for this situation.

If a barter system exists in an economy, then students would have to find a college interested in acquiring something that they could produce. Suppose the college does not demand the product offered by the student, then they would try to find another college, which has a demand for the available products in the hands of the students.

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Students have asked these similar questions

If ours were a barter economy, how would you pay your tuition bill? What if your college did not want the goods or services you offered in payment?

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What are the advantages of an economy using money as opposed to a barter system of exchange?

Answer 2

Question

Chapter 28, Problem 1DQ

To determine

Transactions in a barter system.

Expert Solution & Answer

Explanation of Solution

In trade, a barter system refers to the exchange of goods and services without the use of a common currency. The party directly exchanges goods and services with other goods and services. The coincidence of need is necessary for this situation.

If a barter system exists in an economy, then students would have to find a college interested in acquiring something that they could produce. Suppose the college does not demand the product offered by the student, then they would try to find another college, which has a demand for the available products in the hands of the students.

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Subscribe now to access step-by-step solutions to millions of textbook problems written by subject matter experts!

Answer 3

Question

Chapter 28, Problem 1DQ

To determine

Transactions in a barter system.

Expert Solution & Answer

Explanation of Solution

In trade, a barter system refers to the exchange of goods and services without the use of a common currency. The party directly exchanges goods and services with other goods and services. The coincidence of need is necessary for this situation.

If a barter system exists in an economy, then students would have to find a college interested in acquiring something that they could produce. Suppose the college does not demand the product offered by the student, then they would try to find another college, which has a demand for the available products in the hands of the students.

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Subscribe now to access step-by-step solutions to millions of textbook problems written by subject matter experts!

Answer 4

Question

Chapter 28, Problem 1DQ

To determine

Transactions in a barter system.

Expert Solution & Answer

Explanation of Solution

In trade, a barter system refers to the exchange of goods and services without the use of a common currency. The party directly exchanges goods and services with other goods and services. The coincidence of need is necessary for this situation.

If a barter system exists in an economy, then students would have to find a college interested in acquiring something that they could produce. Suppose the college does not demand the product offered by the student, then they would try to find another college, which has a demand for the available products in the hands of the students.

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Subscribe now to access step-by-step solutions to millions of textbook problems written by subject matter experts!

Answer 5

Chapter 28, Problem 1DQ

To determine

Transactions in a barter system.

Expert Solution & Answer

Explanation of Solution

In trade, a barter system refers to the exchange of goods and services without the use of a common currency. The party directly exchanges goods and services with other goods and services. The coincidence of need is necessary for this situation.

If a barter system exists in an economy, then students would have to find a college interested in acquiring something that they could produce. Suppose the college does not demand the product offered by the student, then they would try to find another college, which has a demand for the available products in the hands of the students.

Answer 6

Chapter 28, Problem 1DQ

To determine

Transactions in a barter system.

Expert Solution & Answer

Explanation of Solution

In trade, a barter system refers to the exchange of goods and services without the use of a common currency. The party directly exchanges goods and services with other goods and services. The coincidence of need is necessary for this situation.

If a barter system exists in an economy, then students would have to find a college interested in acquiring something that they could produce. Suppose the college does not demand the product offered by the student, then they would try to find another college, which has a demand for the available products in the hands of the students.

Answer 7

Chapter 28, Problem 1DQ

To determine

Transactions in a barter system.

Answer 8

Expert Solution & Answer

Explanation of Solution

In trade, a barter system refers to the exchange of goods and services without the use of a common currency. The party directly exchanges goods and services with other goods and services. The coincidence of need is necessary for this situation.

If a barter system exists in an economy, then students would have to find a college interested in acquiring something that they could produce. Suppose the college does not demand the product offered by the student, then they would try to find another college, which has a demand for the available products in the hands of the students.