Difference between revisions of "Transaction Cost"
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TimSvendsen (talk | contribs) m (Transaction Cost(s) moved to Transaction Cost) |
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| − | + | Transaction Cost is the time, money, and effort spent to get what one wants. For example, in order to drive to the store and buy groceries, you must first spend effort and time to earn money, then you spend that money on gas to drive to the store and when you arrive on groceries, time is also spent driving to and from the store and shopping. | |
Revision as of 21:42, February 10, 2007
Transaction Cost is the time, money, and effort spent to get what one wants. For example, in order to drive to the store and buy groceries, you must first spend effort and time to earn money, then you spend that money on gas to drive to the store and when you arrive on groceries, time is also spent driving to and from the store and shopping.