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The Economics Classroom
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From: Scott Wolla (misterwolla@yahoo.com)
Date: Thu Jun 26 2003 - 13:41:07 EDT

  • Next message: Scott Wolla: "[Channel-talkeconomics] Video #6 - Building Blocks of Macro observations"

    I found the simulations in this video to be very
    meaningful and very practical for High School
    Economics courses. I am currently teaching summer
    school and tried the cookie sale simulation today - it
    worked very well. The simulation makes the schedules
    and curves less abstract for students I believe. I
    also liked the idea of rewarding students who achieve
    well in the games - it reinforces what we teach about
    market economies, that there are incentives built into
    the system to reward achievement and success. I found
    the simulation very helpful in the discussion of the
    role of prices and how price acts as a signal. A
    surplus is a signal that prices may be too high - a
    shortage is a signal of prices that are too low. I
    also used it as a springboard for a discussion about
    changes in supply and demand - for instance how would
    the market situation change if the buyers were given
    $2 instead of $3? How would the market change if
    sellers were given 6 cookies each instead of 8? What
    if the Surgeon General announced that properties in
    chocolate chip cookies may cure baldness, cancer, and
    prevent strokes? For each of these scenerios we also
    changed the various graphs and found the new
    equilibrium price. I also enjoyed the cartel
    simulation - but am unsure if I would use it in my

    - Scott Wolla

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