2021 CFA Level I Exam: Study Session 4. Economics (1) - Reading 15. Understanding Business Cycles

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

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