Author Description

MarketSim is made up of two simulations designed to help students better understand how markets work by taking on the roles of consumers and producers in a simulated economy. It allows students to participate in markets first hand by buying and selling labor and goods asynchronously via the Internet. As in the real world, the players themselves determine prices and production levels as they interact. As the simulation progresses, students will have the opportunity to observe how a market reaches equilibrium and how the independent behavior of buyers and sellers determines output and prices.