2020 CFA Program Exam Prep Level 1: 2020 CFA Level 1, Book 2: Economics (2020 CFA Level 1 Exam Prep)

1. Introduction
	2. Demand Analysis: The Consumer
		2.1. Demand Concepts
		2.2. Own Price Elasticity of Demand
		2.3. Income Elasticity of Demand
		2.4. Cross-Price Elasticity of Demand
		2.5. Substitution and Income Effects
		2.6. Normal and Inferior Goods
	3. Supply Analysis: The Firm
		3.1. Marginal Returns and Productivity
		3.2. Breakeven and Shutdown Analysis
		3.3. Understanding Economies and Diseconomies of Scale
	Summary
	Practice Questions
	1. Introduction
	2. Analysis of Market Structures
		2.1. Economists’ Four Types of Structures
		2.2. Factors that Determine Market Structure
	3. Perfect Competition
		3.1. Demand Analysis in Perfectly Competitive Markets
		3.2. Supply Analysis in Perfectly Competitive Markets
		3.3. Optimal Price and Output in Perfectly Competitive Markets
		3.4. Factors Affecting Long-Run Equilibrium in Perfectly Competitive Markets
	4. Monopolistic Competition
		4.1. Demand Analysis in Monopolistically Competitive Markets
		4.2. Supply Analysis in Monopolistically Competitive Markets
		4.3 Optimal Price and Output in Monopolistically Competitive Markets
		4.4. Factors Affecting Long-Run Equilibrium in Monopolistically Competitive Markets
	5. Oligopoly
		5.1. Demand Analysis and Pricing Strategies in Oligopoly Markets
		5.2. Supply Analysis in Oligopoly Markets
		5.3. Optimal Price and Output in Oligopoly Markets
		5.4. Factors Affecting Long-Run Equilibrium in Oligopoly Markets
	6. Monopoly
		6.1. Demand Analysis in Monopoly Markets
		6.2. Supply Analysis in Monopoly Markets
		6.3. Optimal Price and Output in Monopoly Markets
		6.4. Price Discrimination and Consumer Surplus
		6.5. Factors Affecting Long-Run Equilibrium in Monopoly Markets
	7. Identification of Market Structure
		7.1. Econometric Approaches
		7.2 Simpler Measures
	Summary
	Practice Questions
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	1. Introduction
	2. Aggregate Output and Income
		2.1. Gross Domestic Product
		2.2. The Components of GDP
		2.3. GDP, National Income, Personal Income, and Personal Disposable Income
	3. Aggregate Demand, Aggregate Supply, and Equilibrium
		3.1. Aggregate Demand
		3.2. Aggregate Supply
		3.3. Shifts in Aggregate Demand and Aggregate Supply
		3.4. Equilibrium GDP and Prices
	4. Economic Growth and Sustainability
		4.1. The Production Function and Potential GDP
		4.2. Sources of Economic Growth
		4.3. Measures of Sustainable Growth
	Summary
	Practice Questions
	1. Introduction
	2. Overview of the Business Cycle
		2.1. Phases of the Business Cycle
		2.2. Resource Use through the Business Cycle
		2.3. Housing Sector Behavior
		2.4. External Trade Sector Behavior
	3. Theories of the Business Cycle
		3.1. Neoclassical and Austrian Schools
		3.2. Keynesian and Monetarist Schools
		3.3. The New Classical School
	4. Unemployment and Inflation
		4.1. Unemployment
		4.2. Inflation
	5. Economic Indicators
	Summary
	Practice Questions
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	1. Introduction
	2. Monetary Policy
		2.1. Money
		2.2. The Roles of Central Banks
		2.3. The Objectives of the Monetary Policy
		2.4. Contractionary and Expansionary Monetary Policies and the Neutral Rate
		2.5. Limitations of Monetary Policy
	3. Fiscal Policy
		3.1. Roles and Objectives of Fiscal Policy
		3.2. Fiscal Policy Tools and the Macroeconomy
		3.3. Fiscal Policy Implementation: Active and Discretionary Fiscal Policy
	4. The Relationship between Monetary Policy and Fiscal Policy
	Summary
	Practice Questions
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	1. Introduction
	2. International Trade
		2.1. Basic Terminology
		2.2. Patterns and Trends in International Trade and Capital Flows
		2.3. Benefits and Costs of International Trade
		2.4. Comparative Advantage and Gains from Trade
	3. Trade and Capital Flows: Restrictions and Agreements
		3.1. Tariffs
		3.2. Quotas
		3.3. Export Subsidies
		3.4. Trading Blocs, Common Markets, and Economic Unions
		3.5. Capital Restrictions
	4. The Balance of Payments
		4.1. Balance of Payment Accounts
		4.2. Balance of Payment Components
		4.3. Paired Transactions in the BOP Bookkeeping System
		4.4. National and Economic Accounts and the Balance of Payments
	5. Trade Organizations
		5.1. International Monetary Fund
		5.2. World Bank Group
		5.3. World Trade Organization
	Summary
	Practice Questions
	1. Introduction
	2. The Foreign Exchange Market
		2.1. Market Functions
		2.2. Market Participants
		2.3. Market Size and Composition
	3. Currency Exchange Rate Calculations
		3.1. Exchange Rate Quotations
		3.2. Cross-rate Calculations
		3.3. Forward Calculations
	4. Exchange Rate Regimes
		A Taxonomy of Current Regimes
	5. Exchange Rates, International Trade, and Capital Flows
		5.1. Exchange Rates and Trade Balance: The Elasticities Approach
		5.2. Exchange Rates and Trade Balance: The Absorption Approach
	Summary
	Practice Questions