Transaction costs are the COSTS associated with exchanges between buyers and sellers. They typically include the cost of travel, negotiation, defining and transferring property rights, and the cost of acquiring information. Consumers and businesses use markets to reduce transaction costs. Markets allow buyers and sellers to find each other, learn current prices, negotiate, and exchange goods and SERVICES. Well-organized markets reduce transaction costs more than less-organized markets. When transaction costs are significant, consumers will either not participate in the market or find alternatives to markets to fulfill needs. For example, one of the reasons for increased participation of Americans in STOCK MARKETs is the advent of on-line trading. Previously investors had to call stockbrokers and pay significant fees to trade stocks. Similarly, one of the reasons for the growth in home-repair stores like Home Depot and Lowes is the cost of trying to find a repair person. In addition to paying for a plumbing or electrical repair, many homeowners have to wait for the repair person to show up, get the needed part, and make the repair. These transaction costs encourage people to fix things themselves. The emergence of on-line auctions illustrates how reductions in transaction costs are creating market exchanges that were previously too expensive. On-line auctions dramatically reduce the search costs and overcome geographical separation of buyers and sellers. Previously buyers and sellers would have to travel to auction sites or advertise in specialty newspapers to find each other. One of the major factors contributing to the growth of the U.S. economy in the 1990s was the use of electronic information technology to reduce transaction costs in both consumer and resource markets. On a macroeconomic level, a unified currency, like the euro, reduces the cost of exchanges among members of the monetary union in that it eliminates the cost of converting currencies and makes pricing simpler.