Final answer:
The inability to store haircuts for later sale exemplifies service perishability, which is characteristic of services. As services like haircuts are intangible and cannot be stored, they must be consumed when offered, and this presents challenges in a barter-based system without money.
Step-by-step explanation:
The impossibility of a barber storing haircuts for later sale is an example of service perishability. Service perishability refers to the characteristic of services that prevents them from being stored or inventoried. Unlike goods, services cannot be produced ahead of time and used or sold at a later date. This is a key distinction between goods and services, as goods are tangible and can be stored for future use, whereas services are intangible and must be consumed at the point of delivery. A service such as a haircut is perishable because once the time slot for the haircut has passed, the service can no longer be sold or utilized.
In a world without money, bartering is the primary means of exchange. A barber trading haircuts for groceries, clothing, and shelter would face challenges such as finding people who want haircuts at the same time they have goods or services to trade.
Furthermore, barter transactions require what is known as a 'double coincidence of wants', which is often difficult to achieve. Additionally, services like haircuts are not storable and must be performed in real-time, making it even more challenging to enter into future contracts or exchanges.