Problems with the Barter system
{"Image DocumentName": "Problems with the Barter system", "Image ImageDescription": "Double coincidence of wants \u2013 A person had to find someone who wanted what they had and who is also offering what they themselves want. For example: if I had a cow and want some chickens I would have to find someone who wants a cow and is offering me chickens at the same time. This extremely difficult at times. Divisibility of goods \u2013 some rates of exchange made it difficult for exchange to take place because the goods cannot be divided into smaller parts. For example: if a live donkey is worth 20 chickens and I came across a person who only has 10 chickens it would not be possible for trade to take place because a half donkey cannot be kept alive. Storage of wealth \u2013 It was impossible for certain goods to be kept for a long period of time as they would spoil. This means it would be extremely difficult to accumulate riches. Due to the above faults of the barter system, the development of money took place.", "Image XResolution": "37", "Image YResolution": "37", "Image ResolutionUnit": "Pixels/Centimeter", "Image Software": "SlidePlayer", "Image YCbCrPositioning": "Centered"}