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why is the use of money better than a barter system?
Asked by anitads2003 | 10 Mar, 2019, 09:52: PM
Expert Answer
The use of money better than a barter system because of the following reasons:
- A person holding money can easily exchange it for any commodity or service that he or she might want. Thus everyone prefers to receive payments in money and then exchange the money for things that they want.
- In barter, it is difficult to find a person who wants to buy what exactly the seller wants to sell. Hence, no double coincidence of wants required
- It is very easy to store money with banking system in practice but it was not easy to store goods since it increase the maintenance cost.
- Transfer of value; we can easily transfer money from one place to another which was not the case when barter system was in practice.
Answered by Social Science Expert | 11 Mar, 2019, 10:06: AM
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