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Class 10
Social Science - Understanding Economic Development
Money and Credit
how does money solve the problem of double coincid...

Question:
How does money solve the problem of double coincidence of wants? Explain with example of your own.

Answer:

Double coincidence of wants occurs when goods or commodities are exchanged without the use of money. Here , both the individuals who exchange goods are actually in need of those goods. In a barter system where goods are directly exchanged without using money, double coincidence of wants is an essential feature. By serving as a medium of exchanges, money removes the need for double coincidence of wants and the difficulties associated with the barter system. Now, no specific buyer or seller is required for interchanging of products. For example, a farmer has to sell wheat to someone needs this and with the earned money he can buy cereals for him as well.

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Question:
How does money solve the problem of double coincidence of wants? Explain with example of your own.

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Question:
How does money solve the problem of double coincidence of wants? Explain with example of your own.