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Tài liệu hướng dẫn ôn thi CFA Level 1 phần Economics: Microeconomics Analysis | The following is a review of the Economics principles designed to address the learning outcome statements set forth by CFA Institute . This topic is also covered in Money the Price Level and Inflation Study Session 6 Exam Focus Here we address equilibrium short-term interest rates in the money market. On the supply side the definition of the money supply and how an increase in reserves increases the money supply with a fractional reserve banking system are important concepts. On the demand side you need to know how changes in real GDP and financial innovation affect the demand for money. Finally we cover the determination of the short-term interest rate how the quantity of money affects the growth of real GDP and how the quantity theory of money can be interpreted in terms of the aggregate supply aggregate demand model. Understanding these concepts and relations is very important to understanding subsequent topic reviews on the monetary policy of the U.S. Federal Reserve and on the goals and methods of central banks in general. LOS 24.a Explain the functions of money. Money has three basic functions Money functions as a medium of exchange or means of payment because it is accepted as payment for goods and services. Compare this to a barter economy where if someone has a goat and wants an ox he has to find someone willing to trade one for the other and imagine no eBay . With money it is possible to sell the goat and buy the ox with the money received. Money functions as a unit of account because prices of all goods and services are expressed in units of money dollars yen rupees pesos and so forth. This allows us to determine how much of any good we are foregoing when consuming another. Money functions as a store of value because I can work for money now save it and use the value of my labor later. Money preserves value better when inflation is low. LOS 24. b Describe the components of the Ml and M2 measures of money and discuss why checks and credit cards are not .
