This module, which contains questions and answers regarding CFP Fundamental Principal topics covered in the CFP exam. Get the CFP exam preparation you need.
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These flashcards will cover these topics:
A. Factors Affecting the Individual Firm – three fundamental economic systems, microeconomics vs. macroeconomics, substitution effect vs. income effect, law of demand, determinants of demand, normal vs. inferior goods, substitutes vs. complements, demand schedule, change in quantity demanded vs. demand curve shift, determinants causing a demand curve shift, price elasticity of demand, price elasticity of supply, cross vs. income elasticity of demand, determinants of supply, supply schedule, change in quantity supplied vs. supply curve shift, determinants causing a supply curve shift, economic rent, three types of mergers, concentration ratio, short-run vs. long-run effect.
B. Consumption of Goods – marginal revenue, marginal cost, marginal profit, marginal product, marginal revenue product, utility theory, utility maximization, two ways to measure utility, diminishing marginal utility, indifference curves, budget constraint lines.
C. Production and Cost Functions – law of diminishing returns, fixed costs, variable costs, average fixed costs, average variable costs, explicit costs, implicit costs, opportunity costs, average total costs, economic costs, degrees of returns to scale, long-run average cost curve, marginal vs. average cost, economic vs. technical efficiency, economic profit, accounting profit, normal profit, short-run supply curve.
D. Market Structures and Pricing – main market structures, natural monopoly, kinked demand curve theory, price leadership, cartels.
E. Economy as a System of Markets – equilibrium, price fixing, price ceiling, price floor, effect on equilibrium price of supply and demand curve shifts, externality, nominal vs. real wages. |
