1. In the context of a market exchange of goods and services, transaction costs include the costs of time, effort, and other resources necessary to search out, negotiate, and consummate an exchange. In a resource management context, transaction costs include the costs of describing the principal elements of a fishery (resource, producers, processors, markets), and designing, implementing, monitoring, and enforcing regulation; 2. Collection of costs involved with gathering information on, and otherwise delineating, a resource; establishing contracts (formal or informal) that define the entitlement; monitoring and enforcing the entitlement.