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<section begin=Body /><br />
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<b>1. <section begin=req1 /><noinclude></noinclude>What is economics and how does it directly affect our lives?<br />
<noinclude></noinclude><section end=req1 /></b><br />
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<b>2. <section begin=req2 /><noinclude></noinclude>Define:<br />
<noinclude></noinclude><section end=req2 /></b><br />
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:<b>a. <section begin=req2a /><noinclude></noinclude>Macroeconomics<br />
<noinclude></noinclude><section end=req2a /></b><br />
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:<b>b. <section begin=req2b /><noinclude></noinclude>Microeconomics<br />
<noinclude></noinclude><section end=req2b /></b><br />
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<b>3. <section begin=req3 /><noinclude></noinclude>Define the following economy measures and know the most recent data for your country:<br />
<noinclude></noinclude><section end=req3 /></b><br />
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:<b>a. <section begin=req3a /><noinclude></noinclude>Exchange rate<br />
<noinclude></noinclude><section end=req3a /></b><br />
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:<b>b. <section begin=req3b /><noinclude></noinclude>Gross domestic product<br />
<noinclude></noinclude><section end=req3b /></b><br />
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:<b>c. <section begin=req3c /><noinclude></noinclude>Median income<br />
<noinclude></noinclude><section end=req3c /></b><br />
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:<b>d. <section begin=req3d /><noinclude></noinclude>Gross national product<br />
<noinclude></noinclude><section end=req3d /></b><br />
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:<b>e. <section begin=req3e /><noinclude></noinclude>Interest rate<br />
<noinclude></noinclude><section end=req3e /></b><br />
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:<b>f. <section begin=req3f /><noinclude></noinclude>External debt<br />
<noinclude></noinclude><section end=req3f /></b><br />
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:<b>g. <section begin=req3g /><noinclude></noinclude>Inflation rate<br />
<noinclude></noinclude><section end=req3g /></b><br />
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:<b>h. <section begin=req3h /><noinclude></noinclude>Unemployment<br />
<noinclude></noinclude><section end=req3h /></b><br />
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:<b>i. <section begin=req3i /><noinclude></noinclude>Balance of trade<br />
<noinclude></noinclude><section end=req3i /></b><br />
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<b>4. <section begin=req4 /><noinclude></noinclude>Know the history of world economy and which economic model is adopted by your country.<br />
<noinclude></noinclude><section end=req4 /></b><br />
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<b>5. <section begin=req5 /><noinclude></noinclude>Know the following economic theories:<br />
<noinclude></noinclude><section end=req5 /></b><br />
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:<b>a. <section begin=req5a /><noinclude></noinclude>Classical economics<br />
<noinclude></noinclude><section end=req5a /></b><br />
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:<b>b. <section begin=req5b /><noinclude></noinclude>Marxian economics<br />
<noinclude></noinclude><section end=req5b /></b><br />
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:<b>c. <section begin=req5c /><noinclude></noinclude>Neoclassical economics<br />
<noinclude></noinclude><section end=req5c /></b><br />
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:<b>d. <section begin=req5d /><noinclude></noinclude>Keynesian economics<br />
<noinclude></noinclude><section end=req5d /></b><br />
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<b>6. <section begin=req6 /><noinclude></noinclude>Know the economic cycles facing your country.<br />
<noinclude></noinclude><section end=req6 /></b><br />
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<b>7. <section begin=req7 /><noinclude></noinclude>Describe the direct relationship between economics and politics.<br />
<noinclude></noinclude><section end=req7 /></b><br />
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<b>8. <section begin=req8 /><noinclude></noinclude>Know how your country's economy is structured.<br />
<noinclude></noinclude><section end=req8 /></b><br />
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<b>9. <section begin=req9 /><noinclude></noinclude>Know how the economy of a country can affect the delay or progress of the preaching of the gospel.<br />
<noinclude></noinclude><section end=req9 /></b><br />
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<b>10. <section begin=req10 /><noinclude></noinclude>Describe at least three biblical records of economic activities.<br />
<noinclude></noinclude><section end=req10 /></b><br />
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<section begin=challenge /><br />
<b>11. <section begin=req11 /><noinclude></noinclude>Complete one of the following activities:<br />
<noinclude></noinclude><section end=req11 /></b><br />
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:<b>a. <section begin=req11a /><noinclude></noinclude>Visit a stock exchange and know how it works.<br />
<noinclude></noinclude><section end=req11a /></b><br />
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:<b>b. <section begin=req11b /><noinclude></noinclude>Interview an economist or administrator and describe how they can assist with the economic principles of the club/unit.<br />
<noinclude></noinclude><section end=req11b /></b><br />
<section end=challenge /><br />
<section end=Body /><br />
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<noinclude>[[Category:Honor Requirements|{{#titleparts:{{PAGENAME}}|1|2}}]]<br />
[[Category:Honor Requirements Revision 3|{{#titleparts:{{PAGENAME}}|1|2}}]]<br />
<noinclude></noinclude></div>
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