Asked by Marina González on Jun 09, 2024
Verified
The "coincidence of wants" problem associated with barter refers to the fact that
A) for exchange to occur, each seller must have a product that some buyer wants.
B) money must be used as a medium of exchange or trade will never occur.
C) specialization is restricted by the size or scope of a market.
D) buyers in resource markets and sellers in product markets can never engage in exchange.
Coincidence of Wants
A situation in a barter economy where two parties each possess goods or services that the other wants, facilitating a direct exchange without the need for money.
Barter
The direct exchange of one good or service for another good or service.
Medium of Exchange
An intermediary instrument or system used to facilitate the sale, purchase, or trade of goods between parties.
- Identify the advantages of specialization and labor division in improving productivity and economic efficiency.
Verified Answer
Learning Objectives
- Identify the advantages of specialization and labor division in improving productivity and economic efficiency.
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