This 30-minute simulation brings economic policymaking to life by allowing students to make monetary and fiscal policy decisions and consider their impact on the economy of a fictional country. Students manage the economy through a 7-year business cycle in an effort to maximize the approval rating from their population. Exploring the trade-offs of economic policy decision-making and the effects of the global economic environment on a country, students consolidate their understanding of core macroeconomic concepts, including GDP, unemployment, inflation, and budget deficit. At a deeper level, students develop critical thinking skills and learn about economic modeling and system dynamics. This product was designed and developed to comply with WCAG 2.0 AA standards.
Company: Harvard Business Publishing
Approximate price: $10.00
Playtime: 30 minutes
Learning objectives: 1. Apply core macroeconomics concepts by making monetary and fiscal policy decisions and then analyzing the consequences of those decisions. 2. Recognize that monetary and fiscal policy decisions have important consequences for a country's economy. 3. Understand the tradeoffs of monetary and fiscal policy decisions. Decisions that may benefit one area of results may worsen performance in another results area. 4. Adapt economic policy decisions to the changing state of the economy of a country, as well as to global economic conditions. 5. Recognize that economic models can be useful tools to understand the impact of policy decisions on economic outcomes; however, realize that no economic model is perfectly accurate or 100% complete.
Link to simulation home page: https://hbsp.harvard.edu/product/8725-HTM-ENG