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April 2, 2023 

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IMPLICIT COST: An opportunity cost that does NOT involve a money payment or a market transaction. This should be contrasted with explicit cost that DOES involve a money payment or a market transaction. The common misconception among non-economists out there in the real world is that the term "cost" is synonymous with the term "payment," that is, all costs are explicit costs, to be a cost you have to give up some money. Well, I'm here to tell you that this isn't true. Cost is opportunity cost. It's the satisfaction NOT received from activities NOT pursued. It's the value of foregone production. And not all opportunity costs involve a money payment.

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KEOGH PLAN: A savings retirement plan for self-employed workers authorized by the Self-Employment Individuals Retirement Act (1982). A Keogh plan is similar to an IRA (individual retirement account), but is a bit more complicated to establish. Like other private pension plans, income diverted to Keogh plans are tax deferred, that is, taxes on not paid on the income until it is withdrawn during retirement.

     See also | Social Security | 401(k) plan | individual retirement account | investment | saving |


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KEOGH PLAN, AmosWEB GLOSS*arama, http://www.AmosWEB.com, AmosWEB LLC, 2000-2023. [Accessed: April 2, 2023].


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GRAPHICAL ANALYSIS

The process of investigating phenomena, especially economic phenomena, in a systematic manner using diagrams and graphs. Graphical analysis is commonly used to display abstract scientific relations, then to manipulate those relations to gain greater understanding of real world events. The market model is a primary example of graphical analysis.

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APLS

BLUE PLACIDOLA
[What's This?]

Today, you are likely to spend a great deal of time at an auction looking to buy either a green fountain pen or a handcrafted bird house. Be on the lookout for crowded shopping malls.
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Three-forths of the gold mined each year is used to manufacture jewelry.
"Before you can inspire with emotion, you must be swamped with it yourself. Before you can move their tears, your own must flow. To convince them, you must yourself believe."

-- Sir Winston Churchill

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Bank of Japan
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