In Economics, the Term That Refers to the Time, Effort

question 217

Multiple Choice

In economics, the term that refers to the time, effort, and other resources needed to search out, negotiate, and consummate an exchange is

• A) transaction costs.
• B) specialization costs.
• C) pecuniary costs.
• D) comparative costs.

---

Definitions:

Slave Trade

The historical practice of buying, selling, and trading enslaved people, often across continents, with profound human and societal impacts.

Akan Akua'ba

Traditional African wooden carvings made by the Akan people of Ghana, representing fertility dolls with characteristic disc-shaped heads.

Fertility Spirits

Spirits or deities believed to control or influence fertility, reproduction, and agricultural abundance in various cultures.

Ancestral Spirits

Supernatural beings or deities in various cultures, believed to be the spirits of deceased ancestors who can influence the living.