The number of prices the trader will need to know is 190 barter prices.
Mathematically, it will be:
- (20 x 19)/ 2 = 190 barter prices.
Let's understand what barter economy is all about.
Barter economy
A barter economy refers to the economy where transactions for goods and services are exchanged for goods and services. In other words, goods and services are used to pay in order to get another goods and services.
In the barter economy, money isn't needed and not used as a medium of exchange.
Barter-based economies are known to be one of the earliest. This type of economy actually predates monetary systems.
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