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Beat The Market An Interactive Microeconomics Game   SELF STUDY LEARNING GUIDE
Beat The Market Online A Microeconomics Simulation
Link to Student Manual provided in this document.

PRINCIPLES OF ECONOMICS

Economics is very challenging to comprehend on your own; and even with an instructor!  Our gaming environment uses the time honored approach of “learning-by-doing” and makes the challenge of learning economics easier and fun! Our games provide an interactive and dynamic simulation of a firm in which you participate as a manager, applying economic theories to maximize profits under different market structures.

The simulation games are organized at two levels: Introductory and Advanced. The major differences between the two levels are based on the number of demand and supply decisions, the number of firms competing in the marketplace, whether the economy is stable or changing and if there are random events occurring.

LEADERBOARD
To motivate you and recognize your performance, we have set up a leaderboard to broadcast your accomplishments.  Entry into the online Leaderboard is reserved for the TOP 10 of those playing nationally and internationally.

GAME STORY and LEARNING PROGRESSION
You begin your journey by managing a monopoly firm with no direct rivals in a stable economy. Your firm is producing a perishable product so you must be careful not to overproduce. Once you succeed, so will the challenge! The number of rival firms in the market will increase to 9 and you will be placed in a market called “oligopoly”.  Although there are some rival firms, you will have a significant market share and the ability to differentiate your product and build brand loyalty. But do not drop your guard because your rivals are also large and powerful, and can have a substantial impact on your sales if they decide to become aggressive. After you have proven your ability to succeed in this market, you cannot rest on your laurels.  The challenge (and fun) continues to increase! Now you have the privilege of showing your worth (economic skills) by managing a firm in a highly competitive market (called Monopolistic Competition) starting with 25 rival firms! And to further add to the challenge, new firms may also enter this market and compete with you. In this case, you will need to figure out how to keep the customers you have or attract more customers when the numbers of rival firms increase. In this environment you will need to carefully determine the right price to succeed, so do not get too greedy! Good luck and most of all have fun. Remember, you are a true winner, no matter how you perform in the game, if you learn from the experience.

LEARNING PROCESS

Learning is achieved by uniquely combining simulation games and simulation exercises. In simulation games you run a firm applying economic concepts to maximize profits whereas in simulation exercises you learn by observing what is happening in pre-set simulation games and then 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 the simulation games and simulation exercises are automatically graded and may be repeated.

Everyone learns differently so the following process is only a guideline. Some people like to play a few games first to determine where their difficulties are before completing the simulation exercises. Others start with the simulation exercises first and then the games. Some only play the simulation games, learning experientially. Below is one possible combination based on our experience and use by others.

I. Introductory Level

The following is a recommended order for playing games and doing exercises. For example, in the table below, we suggest (order 1) you first view the “Guided Tour on How to Play the Game”, and then do the “Introduction” exercise. After this (order 2), play Game 1 for practice, and then do two more exercises (order 3 and 4), including the Short-Run Production and Short-Run Cost. Once you have done this, try repeating Game 1 (order 5) and see how much better you perform. Games & Exercises may be repeated as needed. Finish the Introductory level, going in order from 6 to 18. Make sure you try the exciting Leaderboard, Game 8 and see how well you do compared to other self learners. Once you feel confident, complete the Advanced Level as shown in the next Table II .

TABLE I: Recommended order for completing games and exercises at Introductory Level

Order

Simulation Games*

Simulation
Exercises

1

 

Getting Started:
Introduction

2

Game 1

 

3

 

Short-Run Production

4

 

Short-Run Cost

5

Game 1 - Repeat

 

6

 

Price Elasticity

7

 

Law of Demand

8

Game 2

 

9

 

Market Equilibrium

10

  Short-run Monopoly

11

Game 3

 

12

Game 4

 

13

 

Short-Run Oligopoly

14

Game 5

 

15

Game 6

 

16

 

Short-Run Monopolistic Competition

17

Game 7

 

18

Game 8

LEADERBOARD**

* Number of rival firms increase as you advance from games 1 to 8
**Leaderboard results for game 8 are posted on the Gold Simulations website.

II. Advanced Level

The recommended order for completing games and exercises for the Advanced Level, given in Table II below, assumes you already completed the Introductory Level and therefore you do not need to repeat the Simulation Exercises already specified in Table I above.

TABLE II: Recommended order for completing games and exercises at Advanced Level

Order

Simulation Games*

Simulation Exercises

1

Game 9

 

2

 

Long-Run Production

3

 

Long-Run Cost

4

 

Long-Run Monopoly

5

Game 9 Repeated

 

6

 

Revenue Maximization

 

Game 10

 

7

Game 11

 

8

Game 12

 

9

 

Long-Run Monopolistic Competition

10

Game 13

 

11

Game 14

LEADERBOARD**


* Number of rival firms increase as you advance from games 9 to 14
**Leaderboard results for game 14 are posted on the Gold Simulations website

HOW TO MAKE GAME DECISIONS: STUDENT MANUAL
To learn more about making game decisions you may view or download the Student Manual for Principles of Economics by clicking your choice below.

 download
                •  Student Manual -  VIEW  or download-

CREATING PERSONAL GAMES TO CHALLENGE YOUR FRIENDS

You can set up your own “personal games” to play and compete against your friends who subscribe by setting up multi-player games. This is done from the home page as follows:

  1. Original subscriber clicks on “Personal Games tab” on the top menu bar and 3 Boxes appear:  One box for any single player games; one box for multiplayer games; and a “Create a New Game” box. 
  2. After creating a new game, it will appear within one of the two boxes above depending on whether it is a single player or multiplayer game. 
  3. After clicking on the multi-player game just created, immediately below the Game NAME, is GAME ID and its number with a description on the right side saying Give this code # to anyone you would like to join this game”.  
  4. Original subscriber notifies friend to SUBSCRIBE as a student and provides them with a “Game Code #”.
  5. After subscribing and entering the home page, The Friend then clicks on the top tab saying “Joined Games”. Then a “Join a Game box” will appear with a place to enter the GAME CODE#. 
  6. The game will now appear in the “Joined Games box”. When clicking on the game, the first screen will list the firms to join (same procedure as any multiplayer game follows).

END OF SELF STUDY GUIDE AND MANUAL -PRINCIPLES OF ECONOMICS