Because information on the impacts which a community may experience as a consequence of economic change is needed for informed community decision-making regarding the local economic base, this report identifies, defines, and describes many such impacts. Changes which the private sector may expect in employment, personal income, sales, and investments are discussed. How the public or government sector of the community is affected, both in revenue and expenditures, is discussed next. Rural and urban hypothetical examples are used to illustrate how knowledge of different types of economic impacts can be helpful in community decision-making. (CM)