History of Economics
To Purchase or Not to Purchase
Name that System
Market this
History of Proctor
100

Written by Adam Smith in 1776

What is Wealth of Nations

100

A company charges a senior citizen less than what they charge other people. 

What is Price Discrimination. 

100

Characterized by private ownership of the means of production, free markets, and the pursuit of profit. 

What is Capitalism. 

100

Obstacles that exist that can prevent easy entry into certain markets. 

What is Market Barrier. 

100

Proctor's Mascot. 

What is A Hornet

200

Written by Karl Marx in 1867

What is Das Kapital 

200

The loss or potential gain from other alternatives when the other option is chosen. 

What is Opportunity Cost. 

200

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

200

The lump sum of all the combined efforts that go into making a product. 

What is Real Cost. 

200

What is Lori Patriacca's professional title? 

What is Dean of Faculty 

300
Economic platform created in 1792. 

What is the Stock Market

300

The cost or benefit that a 3rd party receives in response to an economic engagement. 

What is Externality. 

300

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 

300

A product that consumers see as essentially the same or similar enough to another product. 

What is a Substitute. 

300
The official title of the Assembly Hall. 

What is Wilkins Meetinghouse 

400

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. 

400

The process through which innovation leads to the demise of industry or technology. 

What is Creative Disruption. 
400

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 

400

When demand shifts in response to the price of a good. 

What is Elasticity of Demand. 
400

What religious denomination was Proctor founded upon? 

What is Unitarian. 

500

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. 

500

Where individuals' pursuit of self-interest unintentionally benefits society as a whole.

What is the Invisible Hand

500

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. 

500

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. 

500

Who is the new Head of School? 

Who is Amy Bonnefond Smucker.