Transaction Costs And Economic Development In Nigeria

CHAPTER ONE INTRODUCTION 1.1       BACKGROUND TO THE STUDY Economic development of countries is shaped by the way they evolved. Although, transaction and production cost is determined by their level of technological advancement and industrialization. In this light, this study is examining the relationship between the transaction costs and economic development in Nigeria. A transaction cost is a cost incurred in making an economic exchange of some sort, or in other words the cost of participating in a market. Transaction costs can be divided into search and information costs, bargaining costs a…