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Flashcard 1425623878924

Tags

#cfa-level #economics #microeconomics #reading-13-demand-and-supply-analysis-introduction #study-session-4

Question

In [...] economies, households own the factors of production.

Answer

capitalist private enterprise

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In capitalist private enterprise economies, households own the factors of production (the land, labor, physical capital, and materials used in production).

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2. TYPES OF MARKETS
n markets. Investment analysts need at least a basic understanding of those markets and the demand and supply model that provides a framework for analyzing them. Markets are broadly classified as factor markets or goods markets. Factor markets are markets for the purchase and sale of factors of production. In capitalist private enterprise economies, households own the factors of production (the land, labor, physical capital, and materials used in production). Goods markets are markets for the output of production. From an economics perspective, firms, which ultimately are owned by individuals either singly or in some corporate form, are or

Flashcard 1425639345420

Tags

#cfa-level-1 #economics #economics-in-a-global-context #los #reading-20-international-trade-and-capital-flows

Question

Countries that have large differences between GDP and GNP generally have a large number of [...] (for example, Pakistan and Portugal), and/or pay more for the use of [...] in domestic production than they earn on the capital they own abroad (for example, Brazil and Canada).

Answer

citizens who work abroad

foreign-owned capital

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Countries that have large differences between GDP and GNP generally have a large number of citizens who work abroad (for example, Pakistan and Portugal), and/or pay more for the use of foreign-owned capital in domestic production than they earn on the capital they own abroad (for example, Brazil and

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2.1. Basic Terminology
NP is that GDP includes, and GNP excludes, the production of goods and services by foreigners within that country, whereas GNP includes, and GDP excludes, the production of goods and services by its citizens outside of the country. Countries that have large differences between GDP and GNP generally have a large number of citizens who work abroad (for example, Pakistan and Portugal), and/or pay more for the use of foreign-owned capital in domestic production than they earn on the capital they own abroad (for example, Brazil and Canada). Therefore, GDP is more widely used as a measure of economic activity occurring within the country, which, in turn, affects employment, growth, and the investment environment.

Flashcard 1429061111052

Tags

#sister-miriam-joseph #trivium

Question

the quadrivium, those aspects of the liberal arts that pertain to [...]

Answer

matter.

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the quadrivium, those aspects of the liberal arts that pertain to matter.

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Flashcard 1439831559436

Tags

#cfa-level-1 #factors-that-determine-market-structures #microeconomics #reading-16-the-firm-and-market-structures #section-2-analysis-of-mkt-structures #study-session-4

Question

In the case of monopolistic competition a firm can differentiate its product through aggressive [...]; frequent styling changes; the linking of its product with other, [...]; or a host of other methods.

Answer

advertising campaigns

complementary products

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differentiating its product, the differentiation will provide pricing leverage. The more dissimilar the product appears, the more the market will resemble the monopoly market structure. A firm can differentiate its product through aggressive advertising campaigns; frequent styling changes; the linking of its product with other, complementary products; or a host of other methods.<body><html>

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2. ANALYSIS OF MARKET STRUCTURES
d monopoly is the local electrical power provider. In most cases, the monopoly power provider is allowed to earn a normal return on its investment and prices are set by the regulatory authority to allow that return. 2.2. Factors That Determine Market Structure Five factors determine market structure: The number and relative size of firms supplying the product; The degree of product differentiation; The power of the seller over pricing decisions; The relative strength of the barriers to market entry and exit; and The degree of non-price competition. The number and relative size of firms in a market influence market structure. If there are many firms, the degree of competition increases. With fewer firms supplying a good or service, consumers are limited in their market choices. One extreme case is the monopoly market structure, with only one firm supplying a unique good or service. Another extreme is perfect competition, with many firms supplying a similar product. Finally, an example of relative size is the automobile industry, in which a small number of large international producers (e.g., Ford and Toyota) are the leaders in the global market, and a number of small companies either have market power because they are niche players (e.g., Ferrari) or have little market power because of their narrow range of models or limited geographical presence (e.g., Škoda). In the case of monopolistic competition, there are many firms providing products to the market, as with perfect competition. However, one firm’s product is differentiated in some way that makes it appear better than similar products from other firms. If a firm is successful in differentiating its product, the differentiation will provide pricing leverage. The more dissimilar the product appears, the more the market will resemble the monopoly market structure. A firm can differentiate its product through aggressive advertising campaigns; frequent styling changes; the linking of its product with other, complementary products; or a host of other methods. When the market dictates the price based on aggregate supply and demand conditions, the individual firm has no control over pricing. The typical hog farmer in Nebraska and the milk producer in Bavaria are price takers . That is, they must accept whatever price the market dictates. This is the case under the market structure of perfect competition. In the case of monopolistic competition, the success of product differentiation determines the degree with which the firm can influence price. In the case of oligopoly, there are so few firms in the market that price control becomes possible. However, the small number of firms in an oligopoly market invites complex pricing strategies. Collusion, price leadership by dominant firms, and other pricing strategies can result. The degree to which one market structure can evolve into another and the difference between potential short-run outcomes and long-run equilibrium conditions depend on the strength of the barriers to entry and the possibility that firms fail to recoup their original costs or lose money for an extended period of time and are therefore forced to exit the market. Barriers to entry can result from very large capital investment requirements, as in the case of petroleum refining. Barriers may also result from patents, as in the case of some electronic products and drug formulas. Another entry consideration is the possibility of high exit costs. For example, plants that are specific to a special line of products, such as aluminum smelting plants, are non-redeployable, and exit costs would be high without a liquid market for the firm’s assets. High exit costs deter entry and are therefore also considered barriers to entry. In the case of farming, the barriers to entry are low. Production of corn, soybeans, wheat, tomatoes, and other produce is an easy process to replicate; therefore, those are highly competitive markets. Non-price competition dominates those market structures where product differentiation is critical. Therefore, monopolistic competition relies on competitive strategies that may not include pricing changes. An example of non-price competition is product differentiation through marketing. In other circumstances, non-price competition may occur because the few firms in the market feel dependent on each other. Each firm fears retaliatory price changes that would reduce total revenue for all of the firms in the market. Because oligopoly industries have so few firms, each firm feels dependent on the pricing strategies of the others. Therefore, non-price competition becomes a dominant strategy. Exhibit 1. Characteristics of Market Structure Market Structure Number of Sellers Degree of Product Differentiation Barriers to Entry Pricing Power of Firm Non-price Competition Perfect competition Many Homogeneous/ Standardized Very Low None None Monopolistic competition Many Differentiated Low Some Advertising and Product Differentiation Oligopoly Few Homogeneous/ Standardized High Some or Considerable Advertising and Product Differentiation Monopoly One Unique Product Very High Considerable Advertising From the perspective of the owners of the firm, the most desirable market structure is that with the most control over price, because this control can lead to large profits. Monopoly and oligopoly markets offer the greatest potential control over price; monopolistic competition offers less control. Firms operating under perfectly competitive market conditions have no control over price. From the consumers’ perspective, the most desirable market structure is that with the greatest degree of competition, because prices are generally lower. Thus, consumers would prefer as many goods and services as possible to be offered in competitive markets. As often happens in economics, there is a trade-off. While perfect competition gives the largest quantity of a good at the lowest price, other market forms may spur more innovation. Specifically, there may be high costs in researching a new product, and firms will incur such costs only if they expect to earn an attractive return on their research investment. This is the case often made for medical innovations, for example—the cost of clinical trials and experiments to create new medicines would bankrupt perfectly competitive firms but may be acceptable in an oligopoly market structure. Therefore, consumers can benefit from less-than-perfectly-competitive markets. PORTER’S FIVE FORCES AND MARKET STRUCTURE A financial analyst aiming to establish market conditions and consequent profitability of incumbent firms should start with the questions framed by Exhibit 1: How many sellers are there? Is the product differentiated? and so on. Moreover, in the case of monopolies and quasi monopolies, the analyst should evaluate the legislative and regulatory framework: Can the company set prices freely, or are there governmental controls? Finally, the analyst should consider the threat of competition from potential entrants. This analysis is often summarized by students of corporate strategy as “Porter’s five forces,” named after Harvard Business School professor Michael E. Porter. His book, Competitive Strategy, presented a systematic analysis of the practice of market strategy. Porter (2008) identified the five forces as: Threat of entry; Power of suppliers; Power of buyers (customers); Threat of substitutes; and Rivalry among existing competitors. It is easy to note the parallels between four of these five forces and the columns in Exhibit 1. The only “orphan” is the power of suppliers, which is not at the core of the theoretical economic analysis of competition, but which has substantial weight in the practical analysis of competition and profitability. Some stock analysts (e.g., Dorsey 2004) use the term “economic moat” to suggest that there are factors protecting the profitability of a firm that are similar to the moats (ditches full of water) that used to protect some medieval castles. A deep moat means that there is little or no threat of entry by invaders, i.e. competitors. It also means that customers are locked in because of high switching costs. <body><html>

Flashcard 1442594819340

Tags

#gramatica-española #morfología #tulio

Question

Nuestro tratamiento de la morfología apuntará fundamentalmente a las cuestiones que tienen una [...]

Answer

particular relevancia para la sintaxis.

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LA MORFOLOGÍA
3; A. ¿Qué se entiende por "estructura interna de la palabra"? B. ¿Qué clase de unidad es la palabra? Nuestro tratamiento de la morfología será sumamente sucinto: apuntará fundamentalmente a las cuestiones que tienen una particular relevancia para la sintaxis. <body><html>

Flashcard 1442910965004

Tags

#estructura-interna-de-las-palabras #formantes-morfológicos #gramatica-española #la #morfología #tulio

Question

Del inventario de formantes reconocidos, reconoceremos dos clases:

a. formantes [...]

b. Formantes [...]

Answer

léxicos

gramaticales

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Del inventario de formantes reconocidos, reconoceremos dos clases: a. Algunos son formantes léxicos: tienen un significado léxico, que se define en el diccionario: gota, cuenta. Se agrupan en clases abiertas. Pertenecen a una clase particular de palabras: sustantivos (gota), adjetivo

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La estructura interna de la palabra
1. Los formantes morfológicos Una palabra tiene estructura interna cuando contiene más de un formante morfológico. Un formante morfológico o morfema es una unidad mínima que consta de una forma fonética y de un significado. Comparemos las siguientes palabras: gota, gotas, gotita, gotera, cuentagotas. Gota es la única de estas palabras que consta de un solo formante. Carece, entonces, de estructura interna. Es una palabra simple. Todas las otras palabras tienen estructura interna. [31] Los formantes que pueden aparecer como palabras independientes son formas libres. Los otros, los que necesariamente van adosados a otros morfe- mas, son formas ligadas. Cuentagotas contiene dos formantes que pueden aparecer cada uno como palabra independiente. Es una palabra compuesta. Gotas, gotita y gotera también contienen dos formantes, pero uno de ellos (-s, -ita, -era) nunca puede ser una palabra independiente. Son formas ligadas que se denominan afijos. Algunos afijos van pospuestos a la base (gota), como los de nuestros ejemplos: son los s u f i j o s . Otros afijos la preceden: in-útil, des-contento, a-político: Son los prefijos. Las palabras que contienen un afijo se denominan palabras complejas. Del inventario de formantes reconocidos, reconoceremos dos clases: a. Algunos son formantes léxicos: tienen un significado léxico, que se define en el diccionario: gota, cuenta. Se agrupan en clases abiertas. Pertenecen a una clase particular de palabras: sustantivos (gota), adjetivos (útil), adverbios (ayer), verbos (cuenta). Pueden ser: - palabras simples (gota, útil, ayer); - base a la que se adosan los afijos en palabras complejas (got-, politic-); - parte de una palabra, compuesta (cuenta, gotas). b. Otros son formantes gramaticales: tienen significado gramatical, no léxico. Se agrupan en clases cerradas. Pueden ser: - palabras independientes: preposiciones (a, de, por), conjunciones (que, si); - afijos en palabras derivadas (-s, -ero, in-, des-); - menos frecuentemente, formantes de compuestos (aun-que, por-que, si-no). Entre las palabras no simples consideradas hasta aquí, cada una contenía sólo dos formantes. En otras un mismo tipo de formantes se repite: - sufijos: region-al-izar, util-iza-ble; - prefijos: des-com-poner. ex-pro-soviético, o también formantes de diferentes tipos pueden combinarse entre sí: - prefijo y sufijo: des-leal-tad, em-pobr-ecer; - palabra compuesta y sufijo: rionegr-ino, narcotrafic-ante. En la combinación de prefijación y sufijación, se distinguen dos casos, ilustrados en nuestros ejemplos. En deslealtad, la aplicación de cada uno de los afijos da como resultado una palabra bien formada: si aplicamos sólo el prefijo se obtiene el adjetivo desleal; si aplicamos sólo el sufijo el resultado será el sustantivo lealtad. En cambio, en empobrecer, si se aplica sólo un afijo [32] el resultado no será una palabra existente: *empobre, *pobrecer. Prefijo y sufijo se aplican simultáneamente, constituyendo un único formante morfológico – discontinuo– que se añade a ambos lados de la base léxica. Este segundo caso se denomina parasíntesis. Para establecer la estructura interna de las palabras, la morfología se ocupa de: a. identificar los formantes morfológicos; b. determinar las posibles variaciones que éstos presenten; c. describir los procesos involucrados; d. reconocer la organización de las palabras. 2. Identificación de los formantes morfológicos Comparemos ahora las siguientes palabras: sol, sol-ar; sol-azo, quita- sol, gira-sol, solter-o, solaz. En las

Flashcard 1447295847692

Tags

#sister-miriam-joseph #trivium

Question

The abstract character of genus is such that one [...] of animal but only of a particular kind or species of animal such as a horse or a dog.

Answer

cannot draw a picture,

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The abstract character of genus is such that one cannot draw a picture, for example, of animal but only of a particular kind or species of animal such as a horse or a dog.

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Flashcard 1447555632396

Tags

#sister-miriam-joseph #trivium

Question

For example, a particular lawyer may be tall, blond, irritable, generous, etc., but these accidents are not more essential to [...] than they are to [...].

Answer

being a lawyer

being a human being

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For example, a particular lawyer may be tall, blond, irritable, generous, etc., but these accidents are not more essential to being a lawyer than they are to being a human being. A const ruct may be analyzed into its components by showing in what categories its essential meanings lie.

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Annotation 1479991233804

#cfa-level-1 #reading-25-understanding-income-statement #revenue-recognition

Under limited circumstances, recognition of revenue or profit may be required to be deferred for some installment sales. An example of such deferral arises for certain sales of real estate on an installment basis. Revenue recognition for sales of real estate varies depending on specific aspects of the sale transaction.

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3.2.2. Installment Sales
attributable to the interest component is recognized over time.18 International standards note, however, that the guidance for revenue recognition must be considered in light of local laws regarding the sale of goods in a particular country. Under limited circumstances, recognition of revenue or profit may be required to be deferred for some installment sales. An example of such deferral arises for certain sales of real estate on an installment basis. Revenue recognition for sales of real estate varies depending on specific aspects of the sale transaction.19 Under US GAAP, when the seller has completed the significant activities in the earnings process and is either assured of collecting the selling price or able to estimate

Flashcard 1487962770700

Tags

#cfa-level-1 #reading-25-understanding-income-statement #revenue-recognition

Question

particular

Answer

[default - edit me]

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3.2.2. Installment Sales
of sale, and revenue attributable to the interest component is recognized over time.18 International standards note, however, that the guidance for revenue recognition must be considered in light of local laws regarding the sale of goods in a particular country. Under limited circumstances, recognition of revenue or profit may be required to be deferred for some installment sales. An example of such deferral arises for certain sales of

Flashcard 1488010480908

Tags

#matlab #programming

Question

[...] labels the y-axis

Answer

ylabel(’vertical’)

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ylabel(’vertical’) labels the y-axis

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Edited, memorised or added to reading queue

on 13-Mar-2017 (Mon)

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