​Changes in General Economic Conditions Affect (And Are Affected By)

question 173

True/False

​Changes in general economic conditions affect (and are affected by) supply and demand, buying power, willingness to spend, consumer expenditure levels, and intensity of competitive behavior.

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Definitions:

Income Statement

A report detailing a business's earnings, expenditures, and overall profit or loss for a certain timeframe.

Balance Sheet

A financial briefing that condenses the assets, liabilities, and equity shares of a business at a designated point in time.

Revenues and Expenses

The income generated from normal business operations and the costs incurred to generate that income.

Income Statement

A financial statement that shows a company's revenues and expenses, resulting in net income or loss over a specific period.