Economics
Can you think of some examples of goods/services being exchanged or wages being paid through barter?
Answer
Some examples of goods/services being exchanged or wages being paid through barter are:
- A hairdresser can get weekly salon cleaning services in exchange for free haircuts and styling for the cleaner.
- A math tutor can offer tutoring sessions to a music teacher's child in exchange for piano lessons for his own kid.
- A landlord may offer rent free stay to a watchman who guards the building at night.
- A lawyer can provide legal assistance to a real estate company in return for the use of office space within one of their properties.
Related Questions
How does the use of money make it easier to exchange things?
M. Salim wants to withdraw Rs 20,000 in cash for making payments. How would he write a cheque to withdraw money?
Tick the correct answer. After the transaction between Salim and Prem,
- Salim's balance in his bank account increases, and Prem’s balance increases.
- Salim's balance in his bank account decreases and Prem’s balance increases.
- Salim's balance in his bank account increases and Prem’s balance decreases.
Why are demand deposits considered as money?