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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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SECOND RULE OF SUBJECTIVITY The second of seven basic rules of the economy, stating that market prices are determined by subjective values and the preferences of buyers and resource owners. Contrary to popular opinion, prices and costs are not immutably facts of nature, but are ultimately based on what people are willing to pay or accept.
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In the late 1800s and early 1900s, almost 2 million children were employed as factory workers.
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"My philosophy of life is that if we make up our mind what we are going to make of our lives, then work hard toward that goal, we never lose - somehow we win out." -- President Ronald Reagan
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FIML
Full Information Maximum Likelihood
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