Lesson 3: Forces at Work: Microeconomics

  1. Review of readings, assignments.
  2. Class receives initial endowments, determines potential supply and demand, makes trades and experiences externalities.
  3. Game debrief.
  4. Discussion of assumptions, efficiency, and market failures.
  5. Wrap-up and quick evaluation.
Take-home point: markets are a good servant (when set up well), a bad master, and a worse religion.