Exchange means mutual transfer of wealth between two parties. Exchange may be of two forms:
(a) Barter Exchange
(b) Purchase and Sale Exchange
1. It enables people and countries to utilize their best resources.
2. It enables us to consume commodities which we will not have consumed otherwise.
3. It increases productive capacity of each worker. He can adopt an occupation for which he has inclination.
4. It has enlarged the area of the market and has led to large scale production.
5. Both the parties gain utility by exchange.
|Estimating Procedure||Difference between Estimating & Costing|
|Depreciation & Obsolescence||Calculating Labor Cost|
|Direct and Indirect Expenses||Machine Shop Estimating|
|Forging and Forging Types||Welding Cost Estimation|
|Jigs and Fixtures||Qualities of an Entrepreneur|
|Starting Small Scale Industries||Supply & Law of Supply|
|Exchange and Barter Exchange||Money and Types of Money|
|Trade Cycle||Financial Management|
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