transaction

Vocabulary Word

Definition

'Transaction' is a term used to describe an exchange or transfer. This can be a trade of goods, services, or currencies. Buying a book online is an example of a transaction.

Examples in Different Contexts

In art sales, a 'transaction' is the act of buying and selling artwork. A gallery owner might declare, 'Our latest transaction involved a rare painting from the 19th century.'

Practice Scenarios

Tech

Scenario:

We've been observing major discrepancies in our recent system update. We need some data alterations.

Response:

Yes, we should perform transactional updates to rectify the data.

Business

Scenario:

Our deal with the new supplier should significantly reduce our production costs.

Response:

Our transaction with the new supplier should indeed cut costs as we're purchasing in bulk.