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In trade, barter (derived from bareter [1]) is a system of exchange in which participants in a transaction directly exchange goods or services for other goods or services without using a medium of exchange, such as money. [2]
A moneyless economy or nonmonetary economy is a system for allocation of goods and services without payment of money. The simplest example is the family household.Other examples include barter economies, gift economies and primitive communism.
Barter may refer to: Business. Barter, a type of trade, either between individuals or organizations, using goods and services rather than money. Music. Barter ...
[11] [12] When barter did in fact occur, it was usually between either complete strangers or potential enemies. [13] Many cultures around the world eventually developed the use of commodity money. The Mesopotamian shekel was a unit of weight, and relied on the mass of something like 160 grains of barley. [14]
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Also called resource cost advantage. The ability of a party (whether an individual, firm, or country) to produce a greater quantity of a good, product, or service than competitors using the same amount of resources. absorption The total demand for all final marketed goods and services by all economic agents resident in an economy, regardless of the origin of the goods and services themselves ...
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Countertrade also occurs when countries lack sufficient hard currency, or when other types of market trade are impossible.. In 2000, India and Iraq agreed on an "oil for wheat and rice" barter deal, subject to United Nations approval under Article 50 of the UN Persian Gulf War sanctions, that would facilitate 300,000 barrels of oil delivered daily to India at a price of $6.85 a barrel while ...