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Transactions Costs in Economics: Definition, Theory & Examples

Instructions:

Choose an answer and hit 'next'. You will receive your score and answers at the end.

question 1 of 3

What are the costs associated with completing economic exchanges are called?

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1. Identify the set where transaction costs occur.

2. What is TRUE of the theory of transaction cost economics?

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About This Quiz & Worksheet

Find out what you know about transaction costs theory with this worksheet and quiz. Test your knowledge with questions on specific things such as the name for the costs associated with completing economic exchanges and a set of services that will incur transaction costs.

Quiz & Worksheet Goals

Find out how well you know how to:

  • Identify the number of existing transaction costs
  • Analyze a scenario to identify the type of transaction cost involved
  • Understand which type of transaction cost applies to a situation where you might sue a contractor for damages

Skills Practiced

The worksheet and quiz will help you to practice the following:

  • Critical thinking - apply relevant concepts to examine information about transaction costs in a different light
  • Interpreting information - verify that you can read information regarding a set of services that will incur transaction cost and interpret it correctly
  • Information recall - access the knowledge you've gained regarding the types of transaction costs

Additional Learning

Read this lesson to learn more about transaction cost. The lesson is named Transactions Costs in Economics: Definition, Theory & Examples and it will cover the following:

  • Assess the Theory of Transactions Costs Economics
  • Identify types of transactions costs
  • Understand how each transaction cost works
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