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Objectives 

  • Pedagogical objective: Hands-on exploration of
    • Economic concepts such as
      • Relative prices
      • Production possibility frontier
      • Opportunity cost
      • Absolute advantage
      • Comparative advantage
      • Gains from trade
      • General equilibrium
    • Relationship between individual decision-making and aggregate outcomes
    • Role of market prices in coordinating economic activity
  • Experimental Objective: Study of decision-making in an artificial market economy