Econoland How to Play.

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Presentation transcript:

Econoland How to Play

WHAT IS A MARKET?

A market is a location where people buy and sell the same product or service.

IN THE CIRCULAR FLOW WITHIN OUR AMERICAN ECONOMIC SYSTEM, HOW CAN A HOUSEHOLD BE BOTH A PRODUCER AND A CONSUMER?

Game Setup One half the class are households with resources to sell. Three different types of resources are represented by _______, _________ and _________ resource cards. Each individual starts the game with 15 resource cards to sell.

The other half of the class will be factory owners, aka BUSINESSES, who need to buy each type of resource to make their product, an Econo. Each owner has $1,000 to buy resources with. The factories combine one human, one natural and one capital resource together at Mr. B’s table to receive one Econo.

The game begins with factory owners trying to buy resources from households.

Owners should remember the law of demand: the lower the price, the more you buy. Households should remember the law of supply: the higher the selling price, the more resources you sell.

Owners try to obtain as much money as possible by selling Econos Owners try to obtain as much money as possible by selling Econos. The two owners with the most money win free homework passes. Households buy as many Econos as possible. The two households with the most Econos at the end of the game win free homework passes.