Bag Game Introduction to Economics

Set-up  Property Rights – exclusive authority to determine how a resource is used  Voluntary Exchange – no pressure to make any exchange  Value – relative worth of a good or service  Price – exchange value as determined by market  Cost-benefit Analysis – systematic process for calculating a decision  Regulation, Knowledge, Time, Choices

Debrief  Property Rights  Voluntary Exchange  Differences of markets  Value Paradox – usefulness vs. exchange  Collective Wealth – abundance of a resource or possession  Regulation – fair business practices  Reflection