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Class 10 > What is the double coincidence of wants?
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What is the double coincidence of wants?

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Double coincidence of wants occurs when two individuals swap their goods, in exchange for one another. This is also referred to as the 'perfect barter exchange'. In such cases, both the individuals are happy to exchange their good or commodities. For example, if two individuals want to exchange and...
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Double coincidence of wants occurs when two individuals swap their goods, in exchange for one another. This is also referred to as the 'perfect barter exchange'. In such cases, both the individuals are happy to exchange their good or commodities. For example, if two individuals want to exchange and place on a loaf of bread and a bag of apples, then this is known as double coincidence of wants. This results in an efficient transaction between the two individuals. These types of transactions were practised during the barter economy system (cashless system), where two people had to swap each other's goods or commodities in exchange for one another. This type of system had its own limitations and drawbacks. One of the main limitations was that two people should have goods that they're willing to exchange. For example, a loaf of bread cannot be exchanged for a bicycle because it would be no good. Then, there is no double coincidence of wants. However, if you can swap a loaf of bread for a bag of apples, then it satisfies the double coincidence of wants. read less
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The double coincidence of wants mean that both the parties have to agree to sell and buy each other's commodity i.e. what a person desires to sell is exactly what the other person wishes to buy.
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In earlier times when there was no currency, people were dependent on barter system(exchange of goods for goods). Now suppose you have rice and you wish to get a shoe then you'll have to find a person who has shoes but also he needs rice. Then only you would be able to exchange the product with him....
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In earlier times when there was no currency, people were dependent on barter system(exchange of goods for goods). Now suppose you have rice and you wish to get a shoe then you'll have to find a person who has shoes but also he needs rice. Then only you would be able to exchange the product with him. This is called double coincidence of wants.The double coincidence of wants mean that both the parties have to agree to sell and buy each other's commodity i.e. what a person desires to sell is exactly what the other person wishes to buy. read less
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It means when a person require same thing which other people have to give him...and also other person require the same thing as he have.. it's a coincidence that they are having things needed by each other...
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Professional Tutor with 15 years of experience.

It is an important category of transaction costs that impose severe limitations on economies lacking a medium of exchange (such as money), which have to rely on barter or other in-kind transactions. Coincidence of wants occurs when two people have goods or services that they want to trade with one another....
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It is an important category of transaction costs that impose severe limitations on economies lacking a medium of exchange (such as money), which have to rely on barter or other in-kind transactions. Coincidence of wants occurs when two people have goods or services that they want to trade with one another. I have an answer you want, maybe you have a bunch of grapes that I want -- coincidence of needs. But that makes it hard for an economy to run. What if I have an answer and you have nothing I want? Or what if you want to buy rice from someone and you have nothing they want? Then you have to find out what they want and go try to trade for it. So, it is hard to get coincidence of wants for all the things we want to have. But when money is invented, we no longer need coincidence of wants. We can trade money for anything. read less
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It is a medium of exchange.
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If u need something. Dat other person hv and he also need d same thing u hv...this is Double Coincidence as I gave an example...rice n wheat
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Interested to teach to class 1 to 5 , 6 to 10 , 11&12

t is an important category of transaction costs that impose severe limitations on economies lacking a medium of exchange (such as money), which have to rely on barter or other in-kind transactions.
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It is an important category of transaction costs that impose severe limitations on economies lacking a medium of exchange (such as money), which have to rely on barter or other in-kind transactions
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The phrase "double coincidence of wants" was used in Jevons (1893). "he first difficulty in barter is to find two persons whose disposable possessions mutually suit each other's wants.
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