WHAT IS MEANT BY INTERDEPENDENCE?

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What is meant by interdependence?

Harbans Lal

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INTERDEPENDENCE

When one person is dependent on other for fulfillment his / her need.

In economics it depends on supply and demand. Suppose person A is producing a particular product which person B requires. Person B pays legal tender in the form of money to person A for meeting his demand. Here person A is a supplier and person B meets his demand.

Before the onset of monetary system the exchange (cash) used to be in the form of kind – goods exchanged with goods – a barter system.

Here both were satisfied because they met their needs.

Similar is the case with countries exchanging their goods and services which we term as import and export. This commercial system makes the countries dependent on each other for meeting their demands and supplies.

In our homes also all the members cannot perform all the jobs. They are dependent on each other for mrryinh their needs. This is termed as interdependence in each of the households.

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  • 5 days ago

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