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