Barter System PDF

TER SYSTEM BAR DEVELOPMENT OF BARTER THE BARTER SYSTEM EMERGED AS HUMANS TRANSITIONED FROM SELF-SUFFICIENCY TO SPECIALIZATION. DIRECT EXCHANGE BETWEEN INDIVIDUALS LED TO THE "COINCIDENCE OF WANTS" PROBLEM SELF-SUFFICIENCY The ability of an individual or hous...

TER SYSTEM BAR DEVELOPMENT OF BARTER THE BARTER SYSTEM EMERGED AS HUMANS TRANSITIONED FROM SELF-SUFFICIENCY TO SPECIALIZATION. DIRECT EXCHANGE BETWEEN INDIVIDUALS LED TO THE "COINCIDENCE OF WANTS" PROBLEM SELF-SUFFICIENCY The ability of an individual or household to produce all the goods and services they need to survive and thrive without relying on others. SPECIALIZATION Specialization occurs when individuals or groups focus on producing specific goods or services, becoming experts in that area. This leads to increased efficiency and productivity  BARTER THE EXCHANGE OF GOODSAND SERVICES FOR OTHER GOODS WITHOUT THE USE OF MONEY  DOUBLE COINCIDENCE OF WANTS In a barter system, a "coincidence of wants" or "double coincidence of wants" is required for a trade to occur. This means that: 1. Person A has what Person B wants. 2. Person B has what Person A wants.  READING MATERIALS BAHAW, E. AND MOLLICK, W. COMPREHENSIVE ECONOMICS FOR CSEC. CARIBBEAN EDUCATIONAL PUBLISHERS, 2008. MOYNIHAN, D. AND TITLEY, B. ECONOMICS: A COMPLETE COURSE FOR IGCSE AND O LEVEL. OXFORD UNIVERSITY PRESS, 2007. ROBINSON, K. AND HAMIL, S. PRINCIPLES OF BUSINESS FOR CSEC WITH SBA, STUDY GUIDE AND EXERCISES. CARLONG PUBLISHERS, 2011. THANKS :)