Question

Match the following statements.

a. Quality of information that permits users to identify similarities in and differences between two sets of economic phenomena. Answer
b. Having information available to users before it loses its capacity to influence decisions. Answer
c. Information about an economic phenomenon that has value as an input to the processes used by capital providers to form their own expectations about the future. Answer
d. Information that is capable of making a difference in the decisions of users in their capacity as capital providers. Answer
e. Absence of bias intended to attain a predetermined result or to induce a particular behavior. Answer

Answer 1

a.- comparability

b.- timeliness

c.- predictive value

d.- relevance

e.- neutrality

Step-by-step explanation:

a.- we have to represent the information in a standard way so third parties can review the information and compare with anothers.

b.- we require to makethe trade-off between precision and time as we require the information before making the decision thus, we may have to use forecast and prediction rather than actual facts (IE energy bill in a production budget)

c.- based on previous data and infomation we can conclude future outcomes

d.- from all the data and information there is available you should only use those which are relevant for the given subject t oavoid overinformation

e.- we cannot have a bias against a certain company or activity over other we should represent reality.