2022 CFA Level I Exam: Study Session 3. Economics (1) - Reading 11. Understanding Business Cycles

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	1. Overview of the Business Cycle a. describe the business cycle and its phases;
	2. Credit Cycles and Their Relationship to Business Cycles b. describe credit cycles;
	3. The Impact of the Business Cycle c. describe how resource use, consumer and business activity, housing sector activity, and external trade sector activity vary as an economy moves through the business cycle;
	4. Theories of the Business Cycle d. describe theories of the business cycle;
	5. Economic Indicators e. interpret a set of economic indicators, and describe their uses and limitations;
	6. Unemployment f. describe types of unemployment, and compare measures of unemployment;
	7. Inflation g. explain inflation, hyperinflation, disinflation, and deflation; h. explain the construction of indexes used to measure inflation; i. compare inflation measures, including their uses and limitations; j. contrast cost-push and demand-pull inflation.

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