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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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2
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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2
Q

Microeconomics classifies private economic units inro what two groups

A
  1. Consumers (or households)
  2. Firms
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3
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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3
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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4
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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4
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The Theory of the Firm

A

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

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CFA Level 3 (19 decks)

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