AY Honors/Basic Economics/Answer Key

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.