The costs associated with the negotiation and enforcement of an agreement are

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Transaction costs refer to the costs incurred during negotiations and enforcement of an agreement, including legal fees, communication costs, and search costs. Property costs refer to the costs associated with owning or using property. Resource factor costs refer to the costs associated with the use of resources. Opportunity costs refer to the cost of foregoing alternative options.

The Costs Associated with the Negotiation and Enforcement of an Agreement