Q1 of 16 Page 250

Fill in the blanks with appropriate words in the following sentences:

In olden days the goods were exchanged for goods, which was called ______ system of exchange.


In olden days the goods were exchanged for goods, which was called barter system of exchange.

Explanation: Barter System of exchange in an important step in the evolution of commerce in any economy. During this step, money is not used as a medium of exchange in the economy. The distribution of goods and services occur when there is a direct exchange of goods and services for similar objects.


More from this chapter

All 16 →
1 A

Fill in the blanks with appropriate words in the following sentences:

The economic activity that provides technical or specialized personal services to the consumers is called __________.


 1 C

Fill in the blanks with appropriate words in the following sentences:

The full responsibility of paper money vests with ______.


 1 D

Fill in the blanks with appropriate words in the following sentences:

The emergence of communities and villages took place during ______ stage.


 1 E

Fill in the blanks with appropriate words in the following sentences:

The main cause for International trade was ______.