- CFA Exams
- 2024 Level II
- Topic 2. Economics
- Learning Module 10. Aggregate Output, Prices, and Economic Growth
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Learning Outcome Statements PDF Download
| 1. Gross Domestic Product calculate and explain gross domestic product (GDP) using expenditure and income approaches; compare the sum-of-value-added and value-of-final-output methods of calculating GDP; compare nominal and real GDP and calculate and interpret the GDP deflator; compare GDP, national income, personal income, and personal disposable income; | |
| 2. The Components of GDP and Related Measures calculate and explain gross domestic product (GDP) using expenditure and income approaches; compare the sum-of-value-added and value-of-final-output methods of calculating GDP; compare nominal and real GDP and calculate and interpret the GDP deflator; compare GDP, national income, personal income, and personal disposable income; | |
| 3. Aggregate Demand explain the fundamental relationship among saving, investment, the fiscal balance, and the trade balance; explain how the aggregate demand curve is generated; | |
| 4. Aggregate Supply explain the aggregate supply curve in the short run and long run; | |
| 5. Shifts in Aggregate Demand and Supply explain causes of movements along and shifts in aggregate demand and supply curves; | |
| 6. Equilibrium GDP and Prices describe how fluctuations in aggregate demand and aggregate supply cause short-run changes in the economy and the business cycle; distinguish among the following types of macroeconomic equilibria: long-run full employment, short-run recessionary gap, short-run inflationary gap, and short-run stagflation; explain how a short run macroeconomic equilibrium may occur at a level above or below full employment; analyze the effect of combined changes in aggregate supply and demand on the economy; | |
| 7. Economic Growth and Sustainability describe sources, measurement, and sustainability of economic growth; n. describe the production function approach to analyzing the sources of economic growth; define and contrast input growth with growth of total factor productivity as components of economic growth. |
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