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CFA Level I > Economics > Flashcards

Economics Flashcards

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CFA flashcards
1
Q

Own Price Elasticity

A

A measure of the responsiveness of the quantity demanded to a change in price. It is calculated as the ratio of the percentage change in quantity demanded to a percentage change in price

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2
Q

Elastic

A

an economic concept used to measure the change in the aggregate quantity demanded of a good or service in relation to price movements of that good or service. When the quantity demanded is very responsive to a change in price (absolute value of elasticity > 1), we say demand is elastic; we say demand is elastic; when the quantity demanded is not very responsive to a change in price (absolute value of elasticity < 1), we say that demand is inelastic.

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3
Q

Other factors affect demand elasticity in addition to the quality and availability of substitutes

A
  • Portion of Income spent on a good
  • Time
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4
Q

Portion of income spent on a good

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5
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Time

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6
Q

(unit or unitary elasticity

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7
Q

Income Elasticity

A

he sensitivity of quantity demanded to a change in income

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8
Q

Normal Goods

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9
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Inferior Goods

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10
Q

Cross-Price elasticity of Demand

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11
Q

Complements

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12
Q

What are the components of the Consumer Price Index?

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13
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What is the relationship between inflation and the purchasing power of money

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CFA Level I (11 decks)

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