Question

What is one problem that might commonly occur when one is bartering?

Answer 1

The correct option is (B) two people have different ideas about the value of an item.

Further explanation:

A problem that commonly occurs is when one is bartering is when two people have different ideas about the value of an item. The two people should have an idea about the value of an item because the one who is giving and one who is taking should be agreed on that value.

BARTER SYSTEM

Bartering is an act of exchanging goods and services without the use of money. This is the act in which two parties are involved and they exchange goods without the use of money. In the barter system, finding a barter partner who wants the same item which you have is difficult and that is one of the drawbacks of bartering.

Bartering is a time consuming and laborious process because it takes time to find out the same person who wants your item or vice-versa. When two people don’t have a common measure of value then it’s a problem for both parties.

Learn more:

1. Briefly describe how poor earn a living in gambling and informal trading.

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2. How would you assess the preparation, feasibility, relevance, and schedule of the project in question?

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Answer details:

Grade: Middle Class

Subject: Social Studies

Topic: Barter System

Keywords: barter, value, item, goods, services, laborious, time-consuming, exchange

Answer 2

Bartering, which has taken place since the early history of man, implies a process of exchanging of goods. Bartering may present some difficulties during the process of exchanging. One problem that may occur when one is bartering, appears as the result of two people having different ideas about the value of the item (Option "B"). Since bartering lacks a standard unit of account, the prices on goods could not be measures or quoted. Due to the absence of a common unit of account, disagreements between exchangers may difficult the bartering process.