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Voluntary Exchange
A transaction where two parties trade goods or services by mutual agreement without coercion.
Transaction Costs
Expenses incurred during the buying or selling process, not limited to the price of the good, like fees, taxes, or other costs associated with the transaction.
Middlemen
Intermediaries or agents who facilitate transactions between producers and consumers by buying goods from producers and selling them to consumers, often adding value through services like transportation or storage.
Transaction Costs
Expenses incurred during the process of buying or selling goods and services, which may include fees, taxes, or other costs.
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