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:
LEARNING PYRAMID
- Makes Economics Relevant
- Captures Student Interest
- Employs Active Learning
- Uses Problem-Based Pedagogy
- Experiential Learning
75% Retention from Practice-by-Doing
