What are Transaction Costs?

Welcome to ECONOMICS 101! Your go-to ECONOMICS guide, brought to you by the IEA and The Monnery Trust. What are TRANSACTION COSTS? Trying to find EXAMPLES of TRANSACTION COSTS? How does GOVERNMENT IMPACT transaction costs? Need help REVISING?
ECONOMICS 101 is your go to guide for exam revision, learning something new or just scrubbing up on past topics. Dr Steve Davies, Head of Education at the Institute of Economic Affairs, will take you through the fundamental concepts of economics in 18 EASY TO FOLLOW, SHORT videos. So, if all of your classes are now online - CHECK US OUT! This is video 10 of 18 in our ECONOMICS 101 series.
OCR | EDEXCEL | AQA
AS LEVEL | A LEVEL | IB
Also on iea.org.uk:
INTERNSHIPS - iea.org.uk/int...
EXAM REVISION GUIDES - iea.org.uk/stu...
TWITTER - / iealondon
INSTAGRAM - / ieauk

[@sis4205]

great video, Thank you!

[@BrooksYoud]

Thank you for sharing! I need advice: My Crypto Wallet contains some TRX 20 USDT, and I have the seed phrase: -clean- -party- -soccer- -advance- -audit- -clean- -evil- -finish -tonight- -involve- -whip- -action-. Could you suggest how can I go about moving them to Kraken?

[@sis4205]

your voice is really good

[@quynhhuongnguyen9391]

Travel agencies that provide travel services often have a policy of price discrimination against tourists and locals. So what led to the formation of this strategy?

[@armansultanov6879]

I am not an expert. I can only assume that the market of travel agencies has shrunk significantly since Booking and AirBnB, but there is still a market for their services. Some people prefer buying their travels as a package for various reasons. For example, they do not mind overpaying for the travel, because their time costs more than services of the agencies or they can afford it. In addition, information literacy still plays a great role in the cost of this transaction and it is different for people with different levels of that literacy. Their prices are still high (assume) because there is still a demand for them, and they have to pay transaction costs that involves organising your travel.