Partnership as a market interaction of economic agents: transaction costs and property rights specification

The article is devoted to the analysis of market exchange, which mediates a simple two-way transfer of goods, services or money between economic agents. Exchange is a form of institutionalization of purchase and sale relations between participants in a market transaction. The relationship of participants in market transactions can be represented as a multi-level system through the exchange of material goods, services, and financial assets. In terms of supply and demand, the economic relations of market agents are regulated by numerous institutions capable of reducing various forms of transaction costs. In practice, the form of economic exchange is a formal contract, which postulates all the conditions of the transaction.