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How do people decide how much goods and services are worth in a barter economy?
Wiki User
∙ 11y ago
The demand for a particular good or service will determine its value.
Wiki User
∙ 11y ago
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What is a money economy?
It is an economy where people use currency rather than barter to buy and sell goods.
Do countries still use barter system?
No. Barter System was one of the ancient ways of exchange of goods and services. Nowadays cash and currency has replaced the barter system. People usually pay for goods and services in money.
What type of economy is a market economy?
a economy where people decide what to make and who to sell it to.
Who decides what goods and services will be produced in a market economy?
In a market economy, it is the producer, typically influenced by the demands of the consumer, who makes decisions about what to produce. This is in contrast to a command economy where the government makes those decisions.
What countries used the bartering economy?
arriba el pais de alberto es el mejor del planeta que viva el rico peru
The barter economy is?
an economy which the price of goods is based on what people can afford .
What is a money economy?
It is an economy where people use currency rather than barter to buy and sell goods.
How can you use barter in sentence?
Barter is a trading system where people trade goods or services that they think are around the same value.
Do countries still use barter system?
No. Barter System was one of the ancient ways of exchange of goods and services. Nowadays cash and currency has replaced the barter system. People usually pay for goods and services in money.
What type of economy is a market economy?
a economy where people decide what to make and who to sell it to.
Who decides what goods and services will be produced in a market economy?
In a market economy, it is the producer, typically influenced by the demands of the consumer, who makes decisions about what to produce. This is in contrast to a command economy where the government makes those decisions.
What countries used the bartering economy?
arriba el pais de alberto es el mejor del planeta que viva el rico peru
Barter economy is more efficient than present money economy?
No. A barter economy is less efficient than the current system. A barter system relies on individuals having a double coincidence of wants where each person wants the exact opposite thing that someone else is willing to sell at that particular time. So, people who needed certain things that weren't on the market were out of luck. Also, the barter economy has a flaw in the indivisibility of products. This means certain large expensive items such as tractors were not able to be divided equally to make necessary exchanges for smaller ticket items. The present money economy makes trade more efficient.
How does barter work?
In barter, two people willingly exchange goods or services - no cash involved. As in I'll wash your car if you'll go to the store for me. Or, I'll trade my lawn mower for baby sitting from you.
What is a system of allocating scarce goods and services using criteria other than price called?
A barter system, where people trade their goods and services for other goods or services as opposed to trading goods and services for money.
What type of economy is it when people decide what to produce how much of it to produce and how much to charge for the product?
Free/market economy
The type of economy in which many people make a living by providing services for others?
service economy
