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

• • • 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.

OPTION 2– Utilize throughout the Course

• • • 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.

OPTION 3 – Mix of options 1 and 2

For above options, you can select games of different levels:

Simplest Level

• • • 2 decisions (price & production); stable macroeconomy; no random events.

Advanced Level

• • 4 decisions (price, production, advertising, plant size); changing macroeconomy; random events.