Q:

What are some examples of the barter system?

A:

Quick Answer

Bartering involves exchanging goods or services for other goods and services without involving money. For example, a store owner giving a contractor store credit in exchange for carpentry work is an example of bartering. A baker might bake a cake for his accountant in exchange for services.

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What are some examples of the barter system?
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Full Answer

People may also barter or trade goods for other goods. For example, someone with a motorcycle might trade the motorcycle for a car without cash exchanging hands. Although it has been used throughout history, bartering is gaining renewed acceptance as of 2014, as there are numerous bartering websites that help people connect and trade.

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Related Questions

  • Q:

    Who uses the barter system today?

    A:

    Bartering is a popular form of trade for individuals, families and businesses seeking to save money. Some small- and medium-sized businesses join bartering networks to exchange various goods and services. Barter networks help businesses grow by brokering deals to exchange items such as copiers, phone systems, work shirts, carpet cleaning and even real estate.

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  • Q:

    Why is money as a medium of exchange so important in society?

    A:

    Though it has no intrinsic value, money acts as a universal medium of exchange that can stand in for other goods and services. In this way, money acts as a repository of surplus value. Goods are produced and exchanged for money that is then used for acquiring other goods, as explained by Victoria Pynchon on Forbes.com.

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  • Q:

    Is money good or bad?

    A:

    Money is a positive thing for a society to have, since it provides citizens with a medium of exchange that they can use to pay for needed goods and services. Bartering was common before money became widely used, but it has limitations that make it much more inflexible than money.

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  • Q:

    Who has the most money in the world?

    A:

    According to Forbes, Bill Gates is the wealthiest person in the world. As of 2014. Gates' fortune is $77 billion and comes from his founding stake in tech giant Microsoft.

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