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International Trade
Question
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Define barter system. Mention the difficulties with this system.

Answer

The exchange of goods without involving currency is known as the barter system.

Barter system had its inherit problems because only those products were exchanged which are needed in everyday life that were not available to a particular tribe.

The other difficulty was that of quantity which was required.

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Some More Questions From International Trade Chapter

How are ports helpful for trade? Give a classification of ports on the basis of their location.

How do nations gain from international trade?

What are out ports? Define with examples.

Describe the nature of composition of internation trade.

Define barter system. Mention the difficulties with this system.

What is an international trade?

Name the five greatest trading nations.

Mention the three important aspects of international trade.

What is the balance of trade?

Describe trading blocs with examples.