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.
References
Adapted from AY Honors/Basic Economics/Answer Key on the Pathfinder Wiki, licensed under CC BY-SA 3.0. See the original page's history for its authors.
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