History of Economics
Written by Adam Smith in 1776
What is Wealth of Nations
A company charges a senior citizen less than what they charge other people.
What is Price Discrimination.
Characterized by private ownership of the means of production, free markets, and the pursuit of profit.
What is Capitalism.
Obstacles that exist that can prevent easy entry into certain markets.
What is Market Barrier.
Proctor's Mascot.
What is A Hornet
Written by Karl Marx in 1867
What is Das Kapital
The loss or potential gain from other alternatives when the other option is chosen.
What is Opportunity Cost.
This type of market operates with minimal government intervention, where prices and production are determined by unrestricted competition between privately owned businesses.
What is Free Market
The lump sum of all the combined efforts that go into making a product.
What is Real Cost.
What is Lori Patriacca's professional title?
What is Dean of Faculty
What is the Stock Market
The cost or benefit that a 3rd party receives in response to an economic engagement.
What is Externality.
The government or the community collectively owns and controls the means of production, with a focus on reducing inequality and distributing resources more evenly.
What is Socialist Economic System
A product that consumers see as essentially the same or similar enough to another product.
What is a Substitute.
What is Wilkins Meetinghouse
Lasting from 1929 to the late 1930s, this severe worldwide economic downturn was characterized by massive unemployment, bank failures, and a significant decline in industrial production and global trade.
What is the Great Depression.
The process through which innovation leads to the demise of industry or technology.
In this type of economy, the government makes all major decisions about production, investment, and prices, rather than relying on market forces.
What is a Command Market Economy
When demand shifts in response to the price of a good.
What religious denomination was Proctor founded upon?
What is Unitarian.
Triggered by the collapse of the U.S. housing bubble and subprime mortgage crisis, this global financial downturn led to widespread bank failures, a credit crunch, and the Great Recession.
What is the 2008 Recession.
Where individuals' pursuit of self-interest unintentionally benefits society as a whole.
What is the Invisible Hand
This hybrid economic model features both private enterprise and significant government intervention to correct market failures, provide public goods, and regulate industries, balancing the efficiency of free markets with the equity concerns of planned economies.
What is a Mixed Market Economy.
These financial instruments represent ownership shares in a company, granting holders residual claims on the firm's assets and earnings, and are often traded on exchanges to raise capital for corporations and provide liquidity for investors.
What is Stocks.
Who is the new Head of School?
Who is Amy Bonnefond Smucker.