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BUSINESS PLAN: A business plan defines your business, identifies your goals, and serves as a companyÕs resume. The basic elements include a current and pro forma balance sheet, an income statement, and a cash flow analysis. It helps the company allocate scarce resources properly and functions as a road map to make good business decisions. A marketing plan should be an integral part of the business plan.

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AMERICAN ECONOMIC ASSOCIATION

A formal organization of professional economists that promotes economic research, organizes annual meetings and conferences, and maintains a list of publications in several economics subjects. The American Economic Association (AEA) was originally organized by a small group interested in economics at a meeting in 1888 in Saratoga, New York. However, as interest in the subject grew, it officially incorporated in 1923. Although the AEA contained only a small number of members in the beginning, today the membership is approximately 18,000. In addition, about 4,600 libraries, institutions, and firms subscribe to the quarterly publications of the AEA.

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Today, you are likely to spend a great deal of time wandering around the downtown area trying to buy either a pair of red and purple designer socks or a T-shirt commemorating Thor Heyerdahl's Pacific crossing aboard the Kon-Tiki. Be on the lookout for jovial bank tellers.
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Potato chips were invented in 1853 by a irritated chef repeatedly seeking to appease the hard to please Cornelius Vanderbilt who demanded french fried potatoes that were thinner and crisper than normal.
"The greatest use of life is to spend it for something that will outlast it."

-- William James, psychologist

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