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principles of microeconomics
Integrating our Simulation into Principles of Microeconomics
To utilize in your classroom, you can select simulation games & simulation exercises that fit your time frame and curriculum level. The major difference between these are: For simulation games students compete individually or in teams using tools of economics, making decisions to maximize profits whereas for simulation exercises students observe what is happening in pre-set games and answer a series of multiple choice questions or problems to learn a specific topic such as demand, equilibrium, price elasticity, production, costs and more. Both are automatically graded. LINKS BELOW contain example course outlines on how the game is integrated:OPTION 1 – Utilize as a capstone event
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- Near end of the semester set up a practice game played individually followed by a simulation competition where student teams compete against each other.
- Students have a real opportunity to apply the economic theories and tools of analysis that they have learned all semester.
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OPTION 2– Utilize throughout the Course
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- Early in the semester assign simulation games and exercises; advantages are:
- Students have the opportunity to apply economic theories and tools of analysis as they learn them in class.
- Integrating simulation games with your course lectures and reading material is a very effective learning approach.
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OPTION 3 – Mix of options 1 and 2
For above options, you can select games of different levels:
Simplest Level-
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- 2 decisions (price & production); stable macroeconomy; no random events.
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- 4 decisions (price, production, advertising, plant size); changing macroeconomy; random events.