Exam (elaborations)
CFA Economics Questions and Answers 2024
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Exam of 4 pages for the course CFA at CFA (CFA Economics)
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CFA EconomicsEconomics - answer- The study of production, distribution and consumption of goods
and services
- The principles of the allocation of scarce resources among competing uses
- Can be divided into two broad areas of study: micro and macro
Macroeconomics - answer- The branch of economics that deals with aggregate
economic quantities, such as national output and national income
Microeconomics - answer- The branch of economics that deals with markets and
decision making of individual economic units, including consumers and businesses
Demand and supply analysis - answer- The study of how buyers and sellers interact to
determine transaction prices and quantities
Prices reflect: - answer- The value to the buyer of the next (or marginal) unit
- The cost to the seller of that unit
Microeconomics classifies private economic units into two groups: - answer- Consumers
(or households)
- Firms
Theory of the consumer - answer- The branch of microeconomics that deals with
consumption by utility-maximizing individuals
Consumption - answer- The demand for goods and services
- The purchase of final goods and services by individuals
Utility-maximizing individuals - answer- Individuals who make decisions that maximize
the satisfaction received from present and future consumption
Theory of the firm - answer- The branch of microeconomics that deals with the supply of
goods and services by profit-maximizing firms
Business risk - answer- Risk relating to operating profits
2 broad classifications of markets - answer- Factor markets
- Goods markets
Factor markets - answer- Markets for the purchase and sale of factors of production
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