Transaction

Transaction is a term used in computing and economics to describe a unit of work that is performed within a system. In a computing context, a transaction typically refers to a sequence of operations that form a single logical unit of work. In economics, a transaction refers to an agreement, communication, or movement carried out between separate entities or objects, often involving the exchange of items of value, such as goods, services, and money.

Computing

In computer science, a transaction is a sequence of one or more information system processes that are executed as a single work unit. These processes are typically used to update a database or to perform some other type of system function. Transactions in a computing context are characterized by four key properties, often referred to as the ACID properties:

• Atomicity - This property ensures that a transaction is treated as a single, indivisible unit of work. Either all the changes made during a transaction are committed to the system, or none are.
• Consistency - This property ensures that a transaction brings a system from one valid state to another.
• Isolation - This property ensures that the execution of a transaction is hidden from other transactions until the transaction is committed.
• Durability - This property ensures that once a transaction is committed, its effects are permanent and survive future system and media failures.

Economics

In economics, a transaction is an agreement between a buyer and a seller to exchange goods, services, or financial instruments. Transactions form the basis of the economic system, with the price and quantity of goods or services exchanged in a transaction forming the fundamental basis of the supply and demand model of economics.

Transactions in an economic context can take various forms, including:

• Cash transactions - These are transactions where payment is made immediately in cash.
• Credit transactions - These are transactions where payment is deferred to a future date.
• Barter transactions - These are transactions where goods or services are exchanged without the use of money.

See also

• Financial transaction
• Database transaction
• Transaction processing
• Transaction cost