NCERT Class 7 Social Science Chapter 11 From Barter to Money Solutions
NCERT Class 7 Social Science Chapter 11 From Barter to Money Solutions From Barter to Money 1. How does the barter system take place and what kinds of commodities were used for exchange under the system? Answer: The barter system is a way of exchanging goods and services without using money. People trade something they have for something they need. For example, if you have an extra eraser and need a pencil, you can exchange your eraser with someone who has an extra pencil. Commodities used in the barter system included cowrie shells, salt, tea, tobacco, cloth, cattle (like cows, goats, horses, sheep), seeds, and even giant stone discs called Rai stones in some places. 2. What were the limitations of the barter system? Answer: The barter system had several problems: Double coincidence of wants : Both people needed to want what the other offered. For example, if you have wheat but need shoes, you must find someone who wants wheat and has shoes to trade. Lack of common measure of value : ...