Difference between revisions of "AY Honors/Basic Economics/Answer Key"

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<!-- 1. What is economics and how does it directly affect our lives? -->
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==1. What is economics and how does it directly affect our lives?== <!--T:2-->
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==2. Define:== <!--T:3-->
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===a. Macroeconomics=== <!--T:4-->
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===b. Microeconomics=== <!--T:5-->
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===a. Exchange rate=== <!--T:7-->
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===b. Gross domestic prodcuct=== <!--T:8-->
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===c. Median income=== <!--T:9-->
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===d. Gross national product=== <!--T:10-->
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===e. Interest rate=== <!--T:11-->
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===f. External debt=== <!--T:12-->
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===g. Inflation rate=== <!--T:13-->
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===i. Balance of trade=== <!--T:15-->
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===a. Classical economoics=== <!--T:18-->
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===c. Neoclassical economics=== <!--T:20-->
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Latest revision as of 18:53, 13 July 2022

Other languages:
English • ‎español • ‎português do Brasil
Basic Economics

Skill Level

2

Year

2012

Version

29.04.2024

Approval authority

South American Division

Basic Economy AY Honor.png
Basic Economics
Vocational
Skill Level
123
Approval authority
South American Division
Year of Introduction
2012


1

What is economics and how does it directly affect our lives?



2

Define:



2a

Macroeconomics



2b

Microeconomics




3

Define the following economy measures and know the most recent data for your country:



3a

Exchange rate



3b

Gross domestic product



3c

Median income



3d

Gross national product



3e

Interest rate



3f

External debt



3g

Inflation rate



3h

Unemployment



3i

Balance of trade




4

Know the history of world economy and which economic model is adopted by your country.



5

Know the following economic theories:



5a

Classical economics



5b

Marxian economics



5c

Neoclassical economics



5d

Keynesian economics




6

Know the economic cycles facing your country.



7

Describe the direct relationship between economics and politics.



8

Know how your country's economy is structured.



9

Know how the economy of a country can affect the delay or progress of the preaching of the gospel.



10

Describe at least three biblical records of economic activities.



11

Complete one of the following activities:



11a

Visit a stock exchange and know how it works.



11b

Interview an economist or administrator and describe how they can assist with the economic principles of the club/unit.





References

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