Q. 1 B4.4( 7 Votes )

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.

Answer :

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.

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