Explain why transaction costs in a market economy are lower in an economy where individuals speak the same language,share common laws,respect many of the same customs and follow the same accounting practices than in an economy where individuals do not.Link these lower transaction costs to increased trade and economic growth.

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The Answer of Explain why transaction costs in a market economy are lower in an economy where individuals speak the same language,share common laws,respect many of the same customs and follow the same accounting practices than in an economy where individuals do not.Link these lower transaction costs to increased trade and economic growth.

Explain Why Transaction Costs in a Market Economy Are Lower