Monday, May 19, 2008

video on supply and demand in video game

http://www.youtube.com/watch?v=GhGkKdmFVrY

This video uses a game to illustrate the supply and demand, as well as monopoly concept. The auction house is like a market place where you can buy and sell goods. If you own all one product, you will own the whole market, and hence you can control the price. In the video, the player buys this entire one product on the market and then resells them at a higher price. Ten minutes later, the goods are sold and he makes a profit. I think this video may appeal to video game lovers when introducing economic concepts.

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