AY Honors/Basic Economics

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

• Overview
• Requirements
• Answer Key
• Lesson Plans

AY Honors/Basic Economics/Overview

The most challenging requirement of this honor is probably this:

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.

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 product

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 economics

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.

Edit 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

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See AY Honors/Model Lesson Plan if you need ideas for creating one.