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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

      • 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.