Part 1: Twelve Key Elements of Study guides, Class notes & Summaries

both the buyer and seller Economic progress reflects that people are achieving higher income levels and living standards Voluntary trade promotes economic progress because it makes larger outputs possible as a result of specialization. Higher transaction costs will tend to reduce the number of mutually beneficial exchanges Middlemen Increase transaction goods If the Internet helps buyers learn about the availability of products and find potential sellers more quickly, the gains from t...