The difficulties that an economics professor might feel while purchasing a new car under a barter system.

Question

Want to see more full solutions like this?

Answer 1

Question

Chapter 25, Problem 1P

To determine

To explain:

The difficulties that an economics professor might feel while purchasing a new car under a barter system.

Expert Solution & Answer

Explanation of Solution

There is a huge deficiency in the barter trade system. It creates hindrance in a proper or justified trade between the participants of the transaction. Lack of common medium of exchange like money, is one of the prominent hindrances in the barter system of trade. Apart from that, the unavailability of knowledge of the trade regarding different products or services to traders also creates non-accurate pricing decisions.

Lack of common unit to standardize product or service and justifiable standard unit to measure them under different scenario is also the reason behind the lack of popularity of the barter trade system.

To buy a car in a barter system, an economics professor may need such a trading partner who is willing to have economics lectures or economic advices in exchange of a car. This type of search can be very difficult and a lot of time of the professor can be wasted. Wastage of costs can also be an issue in locating this kind of partner. Thus, an economics professor can feel difficulties while purchasing a new car in a barter system.

Economics Concept Introduction

Barter System:

In trade, a barter system refers to the exchange of good and services without the use of common currency. The party directly exchanges goods and services with other goods and services.The coincidence of need is necessary in this situation.

Want to see more full solutions like this?

Subscribe now to access step-by-step solutions to millions of textbook problems written by subject matter experts!

Students have asked these similar questions

In 1932 babe Ruth made $75,000. How much is that in todays dollars please give the right answer step by step

Evaluate machine XYZ when MARR is 12% per year. Pertinent data are as follows: Machine XYZ Investment cost Expected life Market (salvage) value Annual revenue Annual expenses $10,000 5 years $1,000 $8,000 $4,000 How much is the excess of the cash flow using the Annual Worth Method? Blank 1 Calculate the External Rate of Return. Blank 2 Compute the payback period of the investment. Blank 3 Would you recommend this investment? Explain briefly. Blank 4

Please make sure to answer each step and show work. Thank you!

Answer 2

Question

Chapter 25, Problem 1P

To determine

To explain:

The difficulties that an economics professor might feel while purchasing a new car under a barter system.

Expert Solution & Answer

Explanation of Solution

There is a huge deficiency in the barter trade system. It creates hindrance in a proper or justified trade between the participants of the transaction. Lack of common medium of exchange like money, is one of the prominent hindrances in the barter system of trade. Apart from that, the unavailability of knowledge of the trade regarding different products or services to traders also creates non-accurate pricing decisions.

Lack of common unit to standardize product or service and justifiable standard unit to measure them under different scenario is also the reason behind the lack of popularity of the barter trade system.

To buy a car in a barter system, an economics professor may need such a trading partner who is willing to have economics lectures or economic advices in exchange of a car. This type of search can be very difficult and a lot of time of the professor can be wasted. Wastage of costs can also be an issue in locating this kind of partner. Thus, an economics professor can feel difficulties while purchasing a new car in a barter system.

Economics Concept Introduction

Barter System:

In trade, a barter system refers to the exchange of good and services without the use of common currency. The party directly exchanges goods and services with other goods and services.The coincidence of need is necessary in this situation.

Want to see more full solutions like this?

Subscribe now to access step-by-step solutions to millions of textbook problems written by subject matter experts!

Answer 3

Question

Chapter 25, Problem 1P

To determine

To explain:

The difficulties that an economics professor might feel while purchasing a new car under a barter system.

Expert Solution & Answer

Explanation of Solution

There is a huge deficiency in the barter trade system. It creates hindrance in a proper or justified trade between the participants of the transaction. Lack of common medium of exchange like money, is one of the prominent hindrances in the barter system of trade. Apart from that, the unavailability of knowledge of the trade regarding different products or services to traders also creates non-accurate pricing decisions.

Lack of common unit to standardize product or service and justifiable standard unit to measure them under different scenario is also the reason behind the lack of popularity of the barter trade system.

To buy a car in a barter system, an economics professor may need such a trading partner who is willing to have economics lectures or economic advices in exchange of a car. This type of search can be very difficult and a lot of time of the professor can be wasted. Wastage of costs can also be an issue in locating this kind of partner. Thus, an economics professor can feel difficulties while purchasing a new car in a barter system.

Economics Concept Introduction

Barter System:

In trade, a barter system refers to the exchange of good and services without the use of common currency. The party directly exchanges goods and services with other goods and services.The coincidence of need is necessary in this situation.

Want to see more full solutions like this?

Subscribe now to access step-by-step solutions to millions of textbook problems written by subject matter experts!

Answer 4

Question

Chapter 25, Problem 1P

To determine

To explain:

The difficulties that an economics professor might feel while purchasing a new car under a barter system.

Expert Solution & Answer

Explanation of Solution

There is a huge deficiency in the barter trade system. It creates hindrance in a proper or justified trade between the participants of the transaction. Lack of common medium of exchange like money, is one of the prominent hindrances in the barter system of trade. Apart from that, the unavailability of knowledge of the trade regarding different products or services to traders also creates non-accurate pricing decisions.

Lack of common unit to standardize product or service and justifiable standard unit to measure them under different scenario is also the reason behind the lack of popularity of the barter trade system.

To buy a car in a barter system, an economics professor may need such a trading partner who is willing to have economics lectures or economic advices in exchange of a car. This type of search can be very difficult and a lot of time of the professor can be wasted. Wastage of costs can also be an issue in locating this kind of partner. Thus, an economics professor can feel difficulties while purchasing a new car in a barter system.

Economics Concept Introduction

Barter System:

In trade, a barter system refers to the exchange of good and services without the use of common currency. The party directly exchanges goods and services with other goods and services.The coincidence of need is necessary in this situation.

Want to see more full solutions like this?

Subscribe now to access step-by-step solutions to millions of textbook problems written by subject matter experts!

Answer 5

Chapter 25, Problem 1P

To determine

To explain:

The difficulties that an economics professor might feel while purchasing a new car under a barter system.

Expert Solution & Answer

Explanation of Solution

There is a huge deficiency in the barter trade system. It creates hindrance in a proper or justified trade between the participants of the transaction. Lack of common medium of exchange like money, is one of the prominent hindrances in the barter system of trade. Apart from that, the unavailability of knowledge of the trade regarding different products or services to traders also creates non-accurate pricing decisions.

Lack of common unit to standardize product or service and justifiable standard unit to measure them under different scenario is also the reason behind the lack of popularity of the barter trade system.

To buy a car in a barter system, an economics professor may need such a trading partner who is willing to have economics lectures or economic advices in exchange of a car. This type of search can be very difficult and a lot of time of the professor can be wasted. Wastage of costs can also be an issue in locating this kind of partner. Thus, an economics professor can feel difficulties while purchasing a new car in a barter system.

Economics Concept Introduction

Barter System:

In trade, a barter system refers to the exchange of good and services without the use of common currency. The party directly exchanges goods and services with other goods and services.The coincidence of need is necessary in this situation.

Answer 6

Chapter 25, Problem 1P

To determine

To explain:

The difficulties that an economics professor might feel while purchasing a new car under a barter system.

Expert Solution & Answer

Explanation of Solution

There is a huge deficiency in the barter trade system. It creates hindrance in a proper or justified trade between the participants of the transaction. Lack of common medium of exchange like money, is one of the prominent hindrances in the barter system of trade. Apart from that, the unavailability of knowledge of the trade regarding different products or services to traders also creates non-accurate pricing decisions.

Lack of common unit to standardize product or service and justifiable standard unit to measure them under different scenario is also the reason behind the lack of popularity of the barter trade system.

To buy a car in a barter system, an economics professor may need such a trading partner who is willing to have economics lectures or economic advices in exchange of a car. This type of search can be very difficult and a lot of time of the professor can be wasted. Wastage of costs can also be an issue in locating this kind of partner. Thus, an economics professor can feel difficulties while purchasing a new car in a barter system.

Economics Concept Introduction

Barter System:

In trade, a barter system refers to the exchange of good and services without the use of common currency. The party directly exchanges goods and services with other goods and services.The coincidence of need is necessary in this situation.

Answer 7

Chapter 25, Problem 1P

To determine

To explain:

The difficulties that an economics professor might feel while purchasing a new car under a barter system.

Answer 8

Expert Solution & Answer

Explanation of Solution

There is a huge deficiency in the barter trade system. It creates hindrance in a proper or justified trade between the participants of the transaction. Lack of common medium of exchange like money, is one of the prominent hindrances in the barter system of trade. Apart from that, the unavailability of knowledge of the trade regarding different products or services to traders also creates non-accurate pricing decisions.

Lack of common unit to standardize product or service and justifiable standard unit to measure them under different scenario is also the reason behind the lack of popularity of the barter trade system.

To buy a car in a barter system, an economics professor may need such a trading partner who is willing to have economics lectures or economic advices in exchange of a car. This type of search can be very difficult and a lot of time of the professor can be wasted. Wastage of costs can also be an issue in locating this kind of partner. Thus, an economics professor can feel difficulties while purchasing a new car in a barter system.

Answer 9

Expert Solution & Answer

Answer 10

Expert Solution & Answer

Answer 11

Economics Concept Introduction

Barter System:

In trade, a barter system refers to the exchange of good and services without the use of common currency. The party directly exchanges goods and services with other goods and services.The coincidence of need is necessary in this situation.

Answer 12

Ch. 25 - Prob. 1P Ch. 25 - Prob. 2P Ch. 25 - Prob. 3P Ch. 25 - Prob. 4P Ch. 25 - Prob. 5P Ch. 25 - Prob. 6P Ch. 25 - Prob. 7P Ch. 25 - Prob. 8P Ch. 25 - Prob. 9P Ch. 25 - Prob. 10P

The difficulties that an economics professor might feel while purchasing a new car under a barter system.

To explain: The difficulties that an economics professor might feel while purchasing a new car under a barter system.

Explanation of Solution

Want to see more full solutions like this?

Chapter 25 Solutions

To explain:

The difficulties that an economics professor might feel while purchasing a new car under a barter system.