Concept information
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business and management
manufacturing and operations
operations management
operations management theory
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health care management
operations and decision making
operations management
operations management theory
Preferred term
transaction cost theory
Definition
- Transaction costs are the costs of exchange incurred when firms engage in economically motivated relationships. There are four distinct forms of transaction costs: search, contracting, monitoring, and enforcement costs. [Source: Encyclopedia of Business Ethics and Society; Transaction Costs]
Broader concept
Belongs to group
URI
https://concepts.sagepub.com/social-science/concept/transaction_cost_theory
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