Are now the largest single component of the supply side of gdp, representing over half of gdp.

Services are now the largest single component of the supply side of gdp, representing over half of gdp.

Services are now the largest single component of the supply side of gdp, representing over half of GDP.

Reason: In the 21st century which is called as the information age services has become the largest contributor to the supply side of the GDP replacing manufacturing which held the position earlier. Due to rapid growth of the internet, the global population is more focused on the services part which makes it a large component

b. a transaction cost.

Explanation:

Transaction costs can be regarded as expenses which is been incurred during the buying or selling of a good/ service.Transaction costs gives representation of the labor which is required in bringing a particular good/ service to the market,. They are cost required to make any economic trade in regards to participation in a market.

example of transaction cost is

Employing a lawyer to draft and enforce a private contract between parties wishing to solve an externality problem.