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BEC CPA Exam Review

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Demand Curve Shift Upward (direct relationship-positive shift)
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Terms in this set (160)
Demand Curve Shift Upward (direct relationship-positive shift)
The price of subsitute goods, expectations of price changes, income for normal goods, and extent of market
Demand Curve Shift Downward (inverse relationship-neg. shift)
The price of complement good, income for inferior goods, and consumer boycotts
SWOT analysis
strengths, weaknesses, opportunities, threats
Three common measures of price inflation:
1. The Consumer Price Index (CP)
2. The Producer Price Index (PPI)
3. The GDP Deflator
Okun's law
Provides a general rule of thumb showing how economic growth rates faster than average often result in reductions in unemployment
Product differentiation strategies
seek to make the demand for a firm's products more inelastic.
Transfer pricing
is the process for setting prices that are charged for the transfer of goods or services between related parties such as departments of a large entity.
Full employment implies that
there frictional and structural unemployment, but not cyclical unemployment.
The consumer price index (CPI)
is a common measure of inflation. It compares the price of goods and services in a base year to the price of the same goods and services at a later year. The CPI is commonly used to convert figures not readily comparable across years into figures that are more comparable.
The phases of the business cycle are
expansion, peak, contraction (ie, recession), and trough.
Peaks are
usually characterized by a lack of available labor and capital, which results in a deceleration of growth. Output is at maximum and unemployment is as low as possible—or at the "natural" rate.
Tight labor markets and lack of excess capacity often result in
the bidding up of wages and prices, leading to an acceleration of inflation.
A change in account balances will always be measured as
(the current balance - the prior balance), with a positive result indicating an increase and a negative result a decrease.
% changes for account balances =
(Current balance - prior balance) / prior balance.
Transportation costs would exist
even in the absence of government.