It means: "The exchange of VALUES between two parties"
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Transactions are one of the Critically
Important Assumptions to call something "A business". If there is no
transaction, it is a project or a start-up but not a business
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Startup projects usually build
something with no profit at the start hoping that it will get enough attention
to turn it into a business
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Pay attention to the word
"VALUES" in the definition; you can only trade things that are
economically viable
And the other
good thing about making transactions (apart from getting paid of course :) ) is
that you get to have reliable feedbacks quickly to start or speed up your
iteration cycles
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