The cost of making any kind of transaction in a market. It includes the costs involved in searching for possible providers of service, the range of services offered, assessing their quality, their fees and charges, any agent's or broker's charges, any time spent in waiting rooms, and any other cost that is not a part of the money price actually paid for the service.
The minimum payment required by the owner of a factor of production to prevent it from being transferred to another use. Transfer earnings are usually lower than actual earnings (which is why the owner has not transferred the factor). See Rent.
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