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INDIVIDUAL RETIREMENT ACCOUNT: A savings retirement account set up with a bank, mutual fund, brokerage firm that allows people to set aside a portion of their income each year. Like other private pension plans, income diverted to an individual retirement account (or IRA) is tax deferred, that is, taxes on not paid on the income until it is withdrawn during retirement.

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INVOLUNTARY EXCHANGE: The process of being forced to unwillingly trade one item for another. The key term here is on "unwillingly." For all practical purposes, involuntary exchanges is essentially another term for government taxes, in which people are forced to give part of their income to government in "exchange" for government services. Involuntary taxes should be contrasted with the "voluntary" exchanges that are fundamental to market transactions.

     See also | government | taxes | government functions | regulation | public choice | market | voluntary exchange | mixed economy |


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INVOLUNTARY EXCHANGE, AmosWEB GLOSS*arama, http://www.AmosWEB.com, AmosWEB LLC, 2000-2021. [Accessed: May 11, 2021].


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PERFECT COMPETITION, MARGINAL ANALYSIS

A perfectly competitive firm produces the profit-maximizing quantity of output that equates marginal revenue and marginal cost. This marginal approach is one of three methods that used to determine the profit-maximizing quantity of output. The other two methods involve the direct analysis of economic profit or a comparison of total revenue and total cost.

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Today, you are likely to spend a great deal of time at a garage sale wanting to buy either a turbo-powered vacuum cleaner or a battery-powered, rechargeable vacuum cleaner. Be on the lookout for small children selling products door-to-door.
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The portion of aggregate output U.S. citizens pay in taxes (30%) is less than the other six leading industrialized nations -- Britain, Canada, France, Germany, Italy, or Japan.
"Everyone is bound to bear patiently the results of his own example. "

-- Phaedrus, Philosopher

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