Below of a few of the fantastic learning games and simulations that I have played on the web. They are great ways to learn about money, business and the economy!
Platform Wars – This business simulation, developed at the MIT Sloan Business School, lets players take the helm of a major video game manufacturer, such as Nintendo, Sony or Microsoft. The player makes important decisions on pricing and royalty information which leads to more game designers to develop titles for your platform. A quick game, you learn good lessons inside of 1/2 hour.
Skills learned: strategy, economics, technology strategy, system dynamics
Gen I Revolution – This is a slick online game that teaches a wide variety of financial tools. Geared for 6th grade to 12th grade students, it uses a virtual game to explore concepts of budgeting, career planning, business and the economy. It's actually fun to play and quite informative.
Skills learned: budgeting, economics, career planning, consumer behavior
The Stock Market Game – The Stock Market Game is a stock market simulator which gives students the chance to invest a hypothetical $100,000 in an on-line portfolio. They think they're playing a game. You know they're learning economic and financial concepts they'll use for the rest of their lives. Relative to those who haven't played, Players of the Stock Market Game have statistically higher test scores in mathematics and financial literacy.
Skills learned: supply & demand, patience, investing strategy. math
World of Warcraft – Some people would be surprised to see this here. Others are no doubt saying, "duh". Like many virtual worlds, the characters of the Alliance and the Horde like nice things and they work hard to earn them over time. WoW has a surprisingly sophisticated free market. Players can learn a number of important economic lessons by playing this game. These lessons range from th
e time value of money to inflationary policies of the Federal Reserve. Still not convinced? Consider this. There are families who supplement their income using what is known as "farming"–the act of repeatedly killing foes for their virtual gold. This virtual gold is later sold in real life currency to players all over the world via online portals. As Lew Rockwell puts it, "This phenomenon also can be an application of the subjective theory of value. For instance, an individual who purchases virtual gold coins online must prefer current in-game purchasing power versus the present purchasing power of the dollar bills forgone."
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