ECON 102 CERTIFICATION EXAM
QUESTIONS AND VERIFIED
ANSWERS 2026
▶ What goals are reached in traditional economy. Answer: Sometimes
growth, efficiency, equity, financial security, freedom, protection of the
environment, justice, price stability and full employment are not achieved.
Sometimes these economies have not developed enough to reach certain
goals yet.
▶ what goals are reached in a market economy?. Answer: Growth,
Economic Freedom, Efficiency, and Price Stability (through competition)
are promoted in a true market economy.
Full employment, Economic Justice, Equity, Financial Security, and
Protection of the environment are not always relevant.
▶ what goals are reached in a command economy?. Answer: Full
Employment
Price Stability
Financial Security
Economic Equity
▶ what goals are reached in a mixed economy?. Answer: Economic
questions (What, How, and for Whom) are answered by a combination of
other economic systems.
Helps meet both economic goals and socio economic goals.
GOALS ARE REACHED DEPENDING ON WHAT THEY VALUE
▶ demand schedule. Answer: Price Quantity Demanded (Qd)
10 1
75
5 10
,2 15
▶ Quantity demanded. Answer: The amount demanded at a particular time
and price.
▶ What kind of relationship do price and demand have?. Answer: Inverse
relationship
Price Increases= Demand Decreases= shift left
Price Decreases= Demand Increases= shift right
▶ What determines demand?. Answer: 6 Determinants
Substitutes
Complements
Taste and Preferences
Income
Population Size
Changes in Expectations
Six (6 determinants) Children Talk In Paper Coding
*don't judge my mnemonic device
▶ Demand. Answer: The consumer's side of the market, the ability, and
willingness to pay for a good or service.
▶ How do Substitutes determine demand?. Answer: Near vs. Far. Ex.
Chipotle and Qdoba (near), Chipotle and Jamba Juice (far). As the price for
a product increases it will increase the demand for the substitutes and vice
versa.. How closely the product is (near) will dramatically change the
demand even more so. P^D^ for substitute and vice versa.
If price increases for brown marker, the demand for the pink marker will
increase
▶ How do Compliments determine demand?. Answer: Things that go
together Ex. PB & J. As the price for a product increases the demand for its
compliment will decrease and vice versa. P^Dd (decrease)
, ▶ How do Taste and Preferences determine demand?. Answer: Demand
for a commodity depends upon the tastes and preferences of a consumer.
A change in taste and preferences affects the level of demand for various
goods. Consumer's preferences may change because of changes in
fashion, habits, and so on.
▶ How does Income determine demand?. Answer: How much income
someone has will affect their demand for products.
Normal good- As Income increases Demand will increase and vice versa.
These goods are common goods such as steaks, cars, clothes etc.
Inferior good- As Income increases Demand will decrease for these goods
and vice versa. These are cheap or poor quality goods ie. processed meat
products or cheap value packaged ramen.
▶ How does Population Size determine demand?. Answer: The higher the
population the more demand there will be for goods and the lower the
population the less demand. Higher Pop^D^ vice versa.
▶ How do Changes in expectations determine demand?. Answer:
Consumer expectations will affect what they demand ie. having a baby,
weather, economic forecasts, price changes in the future.
▶ What kind of relationship does supply and price have?. Answer: Direct
relationship
S'up with supply
The supply chart doesn't look exactly like this but paying for quizlet isn't
worth using my own images lol.
Price Increases=Supply Increases= shift right
Price Decreases Supply Decreases= shift left
▶ Supply. Answer: The seller's or producer's side of the market, the ability
and willingness to produce and sell a good or service.
▶ Supply schedule. Answer: Price Quantity Supplied (Qs)
10 15
7 10
55
QUESTIONS AND VERIFIED
ANSWERS 2026
▶ What goals are reached in traditional economy. Answer: Sometimes
growth, efficiency, equity, financial security, freedom, protection of the
environment, justice, price stability and full employment are not achieved.
Sometimes these economies have not developed enough to reach certain
goals yet.
▶ what goals are reached in a market economy?. Answer: Growth,
Economic Freedom, Efficiency, and Price Stability (through competition)
are promoted in a true market economy.
Full employment, Economic Justice, Equity, Financial Security, and
Protection of the environment are not always relevant.
▶ what goals are reached in a command economy?. Answer: Full
Employment
Price Stability
Financial Security
Economic Equity
▶ what goals are reached in a mixed economy?. Answer: Economic
questions (What, How, and for Whom) are answered by a combination of
other economic systems.
Helps meet both economic goals and socio economic goals.
GOALS ARE REACHED DEPENDING ON WHAT THEY VALUE
▶ demand schedule. Answer: Price Quantity Demanded (Qd)
10 1
75
5 10
,2 15
▶ Quantity demanded. Answer: The amount demanded at a particular time
and price.
▶ What kind of relationship do price and demand have?. Answer: Inverse
relationship
Price Increases= Demand Decreases= shift left
Price Decreases= Demand Increases= shift right
▶ What determines demand?. Answer: 6 Determinants
Substitutes
Complements
Taste and Preferences
Income
Population Size
Changes in Expectations
Six (6 determinants) Children Talk In Paper Coding
*don't judge my mnemonic device
▶ Demand. Answer: The consumer's side of the market, the ability, and
willingness to pay for a good or service.
▶ How do Substitutes determine demand?. Answer: Near vs. Far. Ex.
Chipotle and Qdoba (near), Chipotle and Jamba Juice (far). As the price for
a product increases it will increase the demand for the substitutes and vice
versa.. How closely the product is (near) will dramatically change the
demand even more so. P^D^ for substitute and vice versa.
If price increases for brown marker, the demand for the pink marker will
increase
▶ How do Compliments determine demand?. Answer: Things that go
together Ex. PB & J. As the price for a product increases the demand for its
compliment will decrease and vice versa. P^Dd (decrease)
, ▶ How do Taste and Preferences determine demand?. Answer: Demand
for a commodity depends upon the tastes and preferences of a consumer.
A change in taste and preferences affects the level of demand for various
goods. Consumer's preferences may change because of changes in
fashion, habits, and so on.
▶ How does Income determine demand?. Answer: How much income
someone has will affect their demand for products.
Normal good- As Income increases Demand will increase and vice versa.
These goods are common goods such as steaks, cars, clothes etc.
Inferior good- As Income increases Demand will decrease for these goods
and vice versa. These are cheap or poor quality goods ie. processed meat
products or cheap value packaged ramen.
▶ How does Population Size determine demand?. Answer: The higher the
population the more demand there will be for goods and the lower the
population the less demand. Higher Pop^D^ vice versa.
▶ How do Changes in expectations determine demand?. Answer:
Consumer expectations will affect what they demand ie. having a baby,
weather, economic forecasts, price changes in the future.
▶ What kind of relationship does supply and price have?. Answer: Direct
relationship
S'up with supply
The supply chart doesn't look exactly like this but paying for quizlet isn't
worth using my own images lol.
Price Increases=Supply Increases= shift right
Price Decreases Supply Decreases= shift left
▶ Supply. Answer: The seller's or producer's side of the market, the ability
and willingness to produce and sell a good or service.
▶ Supply schedule. Answer: Price Quantity Supplied (Qs)
10 15
7 10
55
