Getting the goods and services that you want by offering a different good or service as payment is called _____________________________.
Responses
A scarcity
B commodities
C bartering
D barriers
The correct answer is C. bartering.
Bartering refers to the act of exchanging goods or services for other goods or services without using money. It is a direct exchange where individuals or businesses trade what they have in surplus for something they need. This type of trade system has been used throughout history and is still practiced in some communities today.
To arrive at the answer, you can either have prior knowledge about bartering or use the process of elimination. Let's quickly go through the other answer choices:
A. Scarcity: This refers to the limited availability of resources or goods relative to the demand for them. It is not related to the act of exchanging goods or services.
B. Commodities: Commodities are raw materials or primary agricultural or mining products that can be bought and sold. While barter can involve commodities, it is not the term specifically used to describe exchanging goods or services in this way.
D. Barriers: This term refers to obstacles or hindrances that may prevent or restrict trade or economic activity. It is not directly related to the act of exchanging goods or services by offering a different good or service as payment.
By process of elimination, the correct answer is C. bartering.