AY Honors/Basic Economics/Answer Key

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

2. Define:

a. Macroeconomics

b. Microeconomics

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

a. Exchange rate

b. Gross domestic prodcuct

c. Median income

d. Gross national product

e. Interest rate

f. External debt

g. Inflation rate

h. Unemployment

i. 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:

a. Classical economoics

b. Marxian economics

c. Neoclassical economics

d. 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:

a. Visit a stock exchange and know how it works.

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

References

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