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An Effective Business Plan Analyzes the Competition and Identifies the Resources

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An effective business plan analyzes the competition and identifies the resources required to profitably serve a target market.


Definitions:

Studying Economics

The discipline of learning about how societies use scarce resources to produce valuable commodities and distribute them among different people.

Studying Accounting

The process of learning about and understanding the theories, principles, and practices related to managing and reporting financial information.

Marginal Benefits

The extra advantage gained from a single unit rise in a specific action.

Marginal Costs

The increase in cost resulting from the production of an extra unit of a good or service.

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