Transaction costs are all of the costs associated with economic exchange.
Economic exchange is a technical term that is used to refer to the economic interaction between different organizations. It refers to the exchange of goods, money, or business ideas.
Transaction costs refer to the costs that are incurred during the exchange between different organizations. The cost of the goods and services falls under this category.
The exchange of goods and services is called a transaction, and the costs related to that transaction are called transaction costs.
Transaction costs can be divided into two types- internal transaction costs and external transaction costs. Internal costs are those that are incurred within the company. Costs incurred outside the company are external costs.
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