December 13, 2010
Reflection on Economic Simulations
I feel the stock market simulation and the blue money economy game equally gave me an exceptionally good insight on how the economy truly works. I made numerous mistakes in the two games, but in turn gained a great deal of knowledge about how to handle them in the future. I learned so much information dealing with both of these simulations that I know for certain will assist me later on in life.
The stock market competition was the most challenging, demanding, and confusing to me, all at the same time. To start the game, each team was given one million dollars of buying power. The point of the game was to invest a large portion of the money into stocks in order to gain more money, resulting in hopefully even more money in the end. While playing the game, you had to buy, trade, and sell stocks. Making money in stocks is a full time job to keep up with all of it. When you want to buy a stock on wallstreetsurvivor.com, you have to find the stock symbol for it, example: RL for Polo Ralph Lauren Corp. Then, enter in how many shares you wish to purchase for the stocks, next proceed to purchase your stock. It is recommended to regularly check in on your stocks to see how they are doing. If the stocks are in the positive, you are building money and that is good. If you possess a lot of stocks that are doing extremely good, you will want to purchase more so you can get additional money. However, if you happen to be in the negatives, it is best to sell it for the reason that it is just taking money away from you causing you to lose even more.
The additional game we played was the blue money economy competition. This game was not near as difficult as the stock market simulation, by any means. When first starting the game each person in the class was given *$$$* to start the game with. Next, we auctioned off *amenities* inside the classroom. Rights to...