The costs in time and other resources that parties incur in the process of facilitating an exchange of goods and services are called

Question

Quizplus · Accepted Answer

Transaction costs are the costs involved in facilitating an exchange of goods or services, including search costs, information costs, bargaining costs, and enforcement costs. It includes both explicit costs (such as fees, commissions, etc.) and implicit costs (such as the time and effort spent in negotiating and finalizing an agreement).

The Costs in Time and Other Resources That Parties Incur