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CFA Level 3 > Economics > Flashcards

Economics Flashcards

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CFA flashcards
1
Q

Macroeconomics

A

Deals with aggregate economic quantities, such as national output and national income, and is rooted in microeconomics

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2
Q

Equilibrium price

A

The quantity willingly demanded by consumers at that
price is just equal to the quantity willingly supplied by firms

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3
Q

Microeconomics

A

Deals with markets and decision making of individual economic units, including consumers and businesses. Microeconomics is a logical starting point for the study of economics

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4
Q

Microeconomics classifies private economic units inro what two groups

A
  1. Consumers (or households)
  2. Firms
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5
Q

Law of Demand

A

The believe that as the price of a good rises, buyers will choose to buy less of it and as its price falls, they buy more.

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6
Q

Theory of the Consumer

A

Deals with consumption (the demand of goods and services) by utility-maximizing individuals (i.e., individuals who make decisions that maximize the satisfaction received from present and future consumption.

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7
Q

Three important topics concerning the demand side of the model:

A
  1. Elasticities
  2. Substitution and Income Effects
  3. Normal and Inferior Goods
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8
Q

The Theory of the Firm

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Deals with the supply of goods and services by profit-maximizing firms

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9
Q

Demand Function

A

A function is a relationship that assigns a unique value
to a dependent variable for any given set of values of a group of independent variables

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10
Q

Own Price

A

used by economists to underscore that the reference is to the price of a good itself and not the price of some other good.

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11
Q

Inverse Demand Function

A

In economics, an inverse demand function is the mathematical relationship that expresses price as a function of quantity demanded (it is therefore also known as a price function).

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12
Q

Demand Curve

A

The demand curve is a graphical representation of the relationship between the price of a good or service and the quantity demanded for a given period of time. In a typical representation, the price appears on the left vertical axis while the quantity demanded is on the horizontal axis.

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13
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elasticity

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14
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elasticity of demand

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15
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elasticity of supply

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16
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f own-price elasticity of demand

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17
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Inelastic

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18
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Elastic

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19
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Unit Elastic

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20
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Perfectly Inelastic

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21
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perfectly elastic

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22
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cross-price elasticity of demand

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23
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substitutes

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24
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complements

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CFA Level 3 (19 decks)

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