CFA_1级_02_经济学_2023最新

CFA, 1级，2023，经济学，内容有： L1 Topics in Demand and Supply Analysis； L2 The Firm and Market Structures； L3 Aggregate Output, Prices, and Economic Growth； ... ...

Economics

• L1 Topics in Demand and Supply Analysis
  • Demand Analysis
    • Basic Concepts
      • Demand
        • Willingness
        • Ability
        • Given price
      • Las of Demand
        • price+ -> buy-
      • Demand function
        • Q = f(Px, I, Py, ...)
      • Demand curve
        • graph of inverse demand function
        • Movements
          • Change in market price
        • Shifts
          • Change in indenpendent variable
      • Consumer surplus
        • difference between highest price willing to pay and actual price
    • Demand Elasticity
      • Price Elasticity of Demand
        • • Elastic: |E| > 1
          • Unit Elastic: |E| = 1
          • Inelastic: |E| < 1
      • Income Elasticity of Demand
        • Normal goods: positive income elasticity
          • Normal luxuries goods: high positive elasticity
          • Necessities: low positive elasticity
        • Inferior goods:negative income elasticity
      • Cross-Price Elasticity of Demand
        • Substitutes: positive cross-price elasticity
        • Complements: negative cross-price elasticity
    • Substitution and Income Effect
      • Substitution Effect
        • price decrease together
      • Income Effect
        • price decrease -> real purchasing power increase
  • Supply Analysis
    • Basic Concepts
      • Production Function
      • Profits
        • Accounting profit = total revenue - accounting costs (explicit costs)
        • Economic profit = total revenue - total economic costs = total revenue - explicit costs - implicit costs = accounting profit - implicit costs
        • Normal profit is the accounting profit that makes economic profit zero
      • Revenue
      • Cost
    • Perfect Competition & Imperfect Competition
      • Perfect Competition
        • no impact on market price (price taker)
        • identical products
        • horizontal demand curve
      • Imperfect Competition
        • price maker
        • downward-sloping demand curve
    • Profit Maximization
      • Marginal revenue (MR) = marginal cost (MC)
      • Short-Run Equilibrium for Perfect Competition
        • P = MR = MC
      • Long-Run Equilibrium for Perfect Competition
        • P = MR = MC = ATC
        • Zero economic profits
    • Shutdown and Breakdown Point
      • Breakeven Point
        • Total revenue (TR) = total cost (TC)
        • Average total cost (ATC) =price (P)
      • Shutdown Points
        • Short-run shutdown point: average revenue(AR) = average variable cost (AVC)
        • Long-run shutdown point: average revenue (AR) equals average total cost (ATC)
      • Summary
        • AR >= ATC, firm stay
        • ATC > AR >= AVC, firm stay in the short run, but will exit in the long run
        • AR < AVC, firm shut down in the short run and exit in the long run
    • Economies of Scale
      • The minimum point on the LRATC (long run average total cost)
      • Economies of scale
        • lower cost structures when it grows in size
        • Reasons
          • Increasing returns to scale
          • Division oflabor
          • More-expensive, but more-efficient equipment
          • Effectively reducing waste and lowering costs
          • Making better use of market information
          • Discounted price on resources
      • Diseconomies of Scale
        • less efficient with size
        • Reasons
          • Decreasing returns to scale
          • Management inefficiency
          • Overlap and duplication of business functions
          • Higher resource prices
• L2 The Firm and Market Structures
  • Perfect Competition
    • Characteristics
      • large number of buyers and sellers
      • products are identical
      • no barriers to entry and exit
      • no market-pricing power (price taker)
      • Non-price competition is absent
    • Short/Long Run Equillibrium
      • MC = MR = D = AR = P = ATC
    • Supply Function
  • Monopolistic Competition
    • Characteristics
      • large number of buyers and sellers
      • differentiated products
      • free to enter and exit
      • some pricing power
      • differentiate their products through advertising and other non-price strategies
    • Equilibrium
      • MC = MR
      • P = ATC
    • Monopolistic Competition vs Perfect Competition
      • Demand curves: Monopolistic competition: downward-sloping, highly elastic; Perfect competition: horizontal
      • Product differentiation: monopolistic competition: yes
      • Economic profits: no for both
      • Long-run equilibrium quantity: monopolistic competition: less than optimal
  • Oligopoly
    • Features of Oligopoly
      • Characteristics
        • A small number of potential sellers
        • Products close or differentiated
        • Entry into the market is difficult
        • Substantial pricing power
        • Products are highly differentiated
      • Kinked Demand Curve Model
        • Assumption: An increase will not be followed but a decrease will
        • Result: Elasticity of demand is greater when price increases than decreases
    • Simple Models for Game Theory
      • Nash Equillibrium
      • Cournot Model
      • Stackelberg Model
        • Dominant firm (DF): determining the market price as a monopoly company, when MR=MC
        • Other competitive firms (CF) take market price as given
        • If the other companies undercut the price, the market share of the dominant firm will increase ultimately
        • Over time, the dominant company's market share tends to decrease
  • Monopoly
    • Features of Monopoly
      • Characteristics
        • Single seller
        • product has no close substitute
        • Entry into the market is very difficult
        • Considerable pricing power
        • Non-price strategies such as advertising
      • Gobernment Interference
        • Average cost pricing: P = ATC, no economic profit
        • Marginal cost pricing: P = MC, government subsidy
      • Industry Concentration Measures
        • N firms concentration ratio (CRn)
          • Method: sum of the market shares of the largest N firms
          • Limitations
            • doesn't show the potential entry threat
            • less affected by mergers
            • doesn't consider the elasticity of demand
        • Herfindahl-Hirschman Index (HHI)
          • Method: sum of the squared market share of each firm
          • Limitations
            • doesn't show the potential entry threat
            • doesn't consider the elasticity of demand
    • Price Discrimination
      • First-degree: each customer the highest price
        • Consumer surplus reduced to zero
      • Second-degree: quantity based pricing
      • Third-degree: customers are segregated
• L3 Aggregate Output, Prices, and Economic Growth
  • GDP
    • Definition
      • Definition: Gross domestic product (GDP) is the total market value of the goodsand services produced in a country within a certain time period
      • Key points of GDP
        • In a country
        • In a given period of time
        • Newly goods and services produced
        • Final goods and services
        • Market value
        • Exclusions
          • Sale or resale of goods produce in precious period
          • Transfer payments made by the government
          • In-process goods
          • The value of labor not sold
          • Underground economy
      • Value of Final Output and Sum of Value Added Method
      • Nominal GDP & Real GDP
        • Nominal GDP is measured by current prices
        • Real GDP is measured by constant prices
      • GDP Deflator
        • • GDP deflator > 100 -> current price > constant price -> inflation
          • GDP deflator < 100 -> current price < constant price -> deflation
    • Measurement
      • Concepts
        • Aggregate Output (AO): The value of all the goods and services produced in a specified period of times
        • Aggregate Income (Al): The value of all the payments earned by the suppliers of factors used in the production of goods and services
        • Aggregate Expenditure (AE): The total amount spent on the goods and services produced in the domestic economy during the period
        • AO = AI = AE
      • Using the Expenditure Approach
        • GDP
          • GDP = C+I + G+(X-M)
            • C: Consumer spending on final goods and services
            • I: Gross private domestic investment (e.g., plant and equipment) and changes in inventory (inventory investment)
            • G: Government spending on final goods and services
            • X: Exports
            • M:lmports
          • GDP = Gross domestic income (GDI) = Net domestic income + Consumption of fixed capital (CFC)+Statistical discrepancy = National Income + Capital consumption allowance (CCA) + Statistical discrepancy = Consumer spending on final goods and services+ Domestic private sector savings + Net taxes
          • GDP = National Income + CCA + SD
            • CCA (capital consumption allowance): depreciation of the capitastock that occurs in the production of goods and services
            • SD (statistical discrepancy): the difference between two methodsto calculate GDP
          • GDP = C + S + T
            • C: Consumer spending on final goods and services S: Domestic private sector savings T: Net taxes
        • NI
          • = employees'wages and benefits + corporate and government enterprise profits pre-tax +unincorporated business owners'income +interestincome + rent +indirect business taxes - subsidies
        • PI
          • =National income - Indirect business taxes - Corporate income taxes - Undistributed corporate profits + Transfer payments
          • Personal disposable income = Personal income - Personal tax
        • Marginal Propensity
          • Marginal propensity to consume (MPC)
            • The proportion of additional disposable income spent onconsumption
          • Marginal propensity to saving (MPS)
            • The proportion ofadditional disposable income spent on savings
          • MPC+MPS =1
      • Using the Income Approach
  • Equillibrium
    • Aggregate Demand Curve
      • Three Effects to Explain the Downward Slope of AD Curve
      • Factors that Shift the Aggregate Demand
    • Aggregate Supply Curve
      • VSRAS / SRAS / LRAS
      • Factors that Shift the Short-Run / Long-Run Aggregate Supply
    • Macro-Equilibrium
      • Four Phenomena
        • Long-Run Equilibrium
        • Recessionary Gap
        • Inflationary Gap
        • Stagflation
      • Combined Effects
  • Economic Growth
    • Gobb Douglas Model
    • Sources of Economic Growth
    • Sustazinable Growth Model
• Understanding Business Cycle
  • Theories of Business Cycles
    • Business Cycle and Credit Cycle
      • Types of Business Cycle
      • Different Phases in Business Cycle
      • Credit Cycle
    • Business Cycle Fluctuations
    • Different Schools of Business Cycles
  • Unemployment
    • Measures of Unemployment
      • Unemployment Rate
      • Participation Ratio
    • Types of Unemployment
  • Inflation
    • Inflation Measurements
      • Inflation and Deflation
      • Indices Used to Measure Inflation
    • CPI & PPI
    • Cost-Push Inflation & Demand-Pull Inflation
  • Economic Indicators
    • Leading Indicators
    • Coincident Indicators
    • Lagged Indicators
• Monetary and Fiscal Policy
  • Monetary Policy
    • Money
      • Functions and Definitions of Money
      • Money Creation Process
      • Fisher Effect
    • Central Bank
      • Qualities of Effective Central Banks
      • Policy Targeting of Central Bank
      • Cost of Inflation
    • Monetary Policy Tools
      • Tools
      • Monetary Transmission Mechanism
      • Neutral Interest Rate
      • Limitation of Monetary Policy
  • Fiscal Policy
    • Fiscal Policy Tools
      • Tools
      • Multiplier
      • Forms
        • Discretionary
        • Automatic
    • Implementation of Fiscal Policy
      • Concerned about National Debt
      • Limitations of Discretionary Fiscal Policy
  • Interaction of Monetary Policy and Fiscal Policy
• Introduction to Geopolitics
  • Brief Introduction of Geopolitics
    • State Actors and Non-state Actors
    • Political Cooperation and Political Non-Cooperation
    • Globalization
      • Potential Gains
      • Potential Drawbacks
    • Archetypes of Country Behavior
  • Tools of Geopolitics
    • National Security Tools
    • Economic Tools
    • Financial Tools
  • Geopolitical Risk
    • Types of Geopolitical Risk
      • Event Risk
      • Exogenous Risk
      • Thematic Risk
    • Assessing Geopolitical Threats
    • Acting on Geopolitical Risk
• International Trade and Capital Flows
  • Terminology
    • Terms of Trade
    • GDP and GNP
  • Comparative Advantage
    • Absolute Advantage & Comparative Advantage
    • Sources of Comparative Advantage
      • Ricardian Model
      • Heckscher-Ohlin Model
  • Trade and Capital Restriction
    • Objectives of Capital / Trading Restrictions
    • Types of Trazde Restrictions
    • Welfare Analysis
  • Balance of Payments
    • Accounts of BOP
    • Nationsal Economic Accounts and Balance of Payments
  • Cooperation and Trade Organization
    • Cooperation
    • International Organizations
• Currency Exchange Rate
  • FX Rates
    • Quotation
    • Nominal / Real Exchange Rate
    • Currency Appreciation or Depreciation
    • Cross-Rate Calculation
  • Forward Rate & Interest Rate Parity
    • Forward Discount or Premium
    • Forward Quotation
    • Interest Rate Parity
  • FX Markets and Currency Regime
    • Functions of FX Markets
    • Participants in FX Markets
    • Currency Regimes
  • FX Rate and Trade Balance
    • Elasticities Approach
    • J-Curve Effect
    • Absorption Approach