What is the term for a system in which goods and services are exchanged without the use of money?

The term that describes a system in which goods and services are exchanged directly for other goods and services, without the use of money, is known as barter. In a barter system, individuals trade what they have for what they need, providing a direct method of exchange that predates the use of currency. This method relies heavily on the double coincidence of wants, meaning that each party involved must have what the other desires at the same time.

In contrast, savings, credit, and investment involve monetary transactions or the use of currency, which are not relevant in a pure barter system. Savings refer to the portion of income that is not spent and is set aside for future use, while credit involves borrowing money to make purchases or investments that will be repaid later. Investment typically means allocating resources, usually money, to a venture with the expectation of generating income or profit.