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3 years ago

What is barter?

Social Studies

2 answers:

amid [387]3 years ago

8 0

The answer you're looking for is D, The direct exchange of one set of goods or services for another

Basile [38]3 years ago

4 0

The correct option is D.
In a barter system, goods and services are exchanged for other goods and services without making use of any medium of exchange such as money. For instance, five big tubers of yam may be exchange for a chicken, if the exchange condition is acceptable to the contracting party. The exchange typically take place immediately and not on a future date.

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ECOWAS is a strong regional trading block similar to Schengen Zone countries adopted in Europe. In ECOWAS, there was need to promote common trade among its people, encourage free movement of goods, people and services as well to encourage the usage of single common currency in the region. Despite its challenges, there is still prospect of actualizing its aim.

• When Established and Brief History: This is a body of West African Countries with its roots in earlier attempts at a West African economic community meetings in the 1960's. Then, it was spearheaded by Yakubu Gowon of Nigeria and Gnassigbe Eyadema of Togo.

• Current Membership: The member States of ECOWAS are include Benin, Burkina Faso, Cape Verde, Côte d'Ivoire, The Gambia, Ghana, Guinea, Guinea Bissau, Liberia, Mali, Niger, Nigeria, Senegal, Sierra Leone and Togo. Most of these countries are French speaking countries with few being an English speaking country.

• Goals: The primary purpose of ECOWAS is to promote economic trade, national cooperation, and monetary union, for growth and development throughout West Africa. And, also, improve the living standards of its peoples, to maintain and enhance economic stability.

• Achievements: Some of the achievements of ECOWAS include the resolution of the civil war conflict in Liberia, the unified international examination taken by high school student (WASSCE by WAEC body), free movement within each individual countries easily without visa, bilateral trade agreement within countries (for example supply of electricity to Togo, Benin by Nigeria) etc.

• Challenges: Some of the challenges include the lack of political will be engage in more bilateral trade, issues of establishment of Eco currency similar to Euro, issues on balanced trade between countries. And, also, challenges on language barriers among countries and citizens of the various countries.

• Conclusion: As a regional power bloc, there is prospect of it emerging as a strong economic bloc in the African continent. The countries should simply try and sort out the challenges among them as well work towards the establishment and use of single currency in the region.

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