Figure 23-1. ​

question 59

Multiple Choice

Figure 23-1.
​
-Refer to Figure 23-1. Which of the following pairs correctly identify X and Z?

• A)markets for factors of production and markets for goods and services
• B)firms and households
• C)GDP deflator and CPI
• D)flow of dollars and flow of inputs and outputs

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Definitions:

Balance Sheet

Financial report presenting the total assets, liabilities, and equity of a company at a certain date, used to assess its financial stability and operational efficiency.

Assets

Assets are resources owned by a company that have economic value and can be used to meet debts, commit to investments, or generate income.

Liabilities

Future sacrifices of economic benefits that the entity is presently obliged to make to other entities as a result of past transactions or events.

Income Statement

A financial document that reports a company's financial performance over a specific period, detailing revenues, expenses, and net income or loss.