Difference between revisions of "AY Honors/Basic Economics/Answer Key"
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Revision as of 00:59, 19 March 2021
Basic Economics
Skill Level
2
Year
2012
Version
23.12.2024
Approval authority
South American Division
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.
