A much better understanding of microeconomic concepts is gained when students apply what they have learned through reading and lecture by managing a firm to maximize profits in a “real life” competitive business environment. Experiential learning provides an excellent opportunity for students to develop their critical thinking skills by going through the decision-making process of observing simulation results, analyzing, planning and then implementing economic theories. .

ECONOMIC CONCEPTS LEARNED BY EXPERIENCE WHILE PLAYING:

  • Law of Demand
  • Price Elasticity
  • Shifts in Demand
  • Revenue Maximization
  • Monopoly
  • Market Equilibrium
  • Demand & Supply Analysis
  • Perfect Competition
  • Monopolistic Competition
  • Oligopoly & Gaming Theory
  • Short-run Production
  • Short-run Costs
  • Long-run Production
  • Long-run Costs
  • Profit Maximizing Rule

EDUCATIONAL ADVANTAGES:

  • Makes Economics Relevant
  • Captures Student Interest
  • Employs Active Learning
  • Uses Problem-Based Pedagogy
  • Experiential Learning

75% Retention from Practice-by-Doing

LEARNING PYRAMID