Definitions for "Transactions costs"
The time, effort, and money necessary, including such things as commission fees and the cost of physically moving the asset from seller to buyer. Related: Round-trip transaction costs, Information costs, search costs.
The time, effort and monetary costs involved in obtaining a decision. If, for example, disputes over infractions of forestry rules can be resolved in the community where they occur, the transactions costs are likely to be minimal. If on the other hand such conflicts can only be resolved by foresters, before whom plaintiffs and defendants must assemble (often in a location far from the community where the alleged infraction occurred), then transactions costs of resolving the dispute are likely to be considerably higher.
The opportunity costs of conducting a transaction. (p. 188)