Essay on Microeconomics and the Board Game Monopoly

Author Wheelan writes, "Life is about trade-offs, and so is economics." Indeed, so is Naked Economics. This book promises to be a good introduction to economics for the layman. Throughout the book, the author uses easy-to-understand language and vivid examples to illustrate his points in strategic places maintaining a sense of lightness with the readers in reading the material. Here is a summary of each of the 12 Chapters of the book Naked Economics: Undressing the Dismal Science by Charles Wheelan.

Imagine that you have decided to open a small ice cream stand on campus called "Ice-Campusades." You are very excited because you love ice cream (delicious!) and this is a fun way for you to apply your business and economics skills! Here is the first month's scenario--you order the same number (and the same variety) of ice creams each day from the ice cream suppliers, and your ice creams are always marked at $1.50 each. However, you notice that there are days when ice creams remain unsold but other days when there are not enough ice creams for the number of customers.

When I first looked into finding this book I didn’t think much of it as I just thought it was just another type of text book or some sort. I was thinking that this would be some kind of auto biography or something I would not be interested in. In fact after reading this book I was stunned by the different views and aspects of economics that was explain and I would had never thought about them in that sort of way. This book covers a lot about we discussed in class. This book explains different examples of economic concepts that may be used in our daily lives. They

Although the board game is an exaggerated version of how monopolists operate in our present-day economy, there are various lessons that can be taken away from this experience. First, a lesson I learned was that owning properties on the red and orange sections of the board were the most beneficial because the probability of landing on those areas is very high. Because of this, those select properties will have a great chance of earning a profit. Second, the board game taught me that buying both utilities (Electric Company and Waterworks) and/or owning all, or much of, railroads, is very helpful towards earning the most

Using the data and your own economic knowledge, assess the case for financing universities mainly through charging fees to their students.

The most formidable aspect in real estate has to be maintaining one’s career. Although there are many agents in this career field, the competitive environment portrayed daily makes this career one that may prove to be unsuitable for the meek. Negotiations, persuasion, debate and often a frequent contest for supremacy in the agency are recurring tasks when trying to sell property to clients. One could think of this as similar to the board game “Monopoly”, in reverse. Rather than trying to own all the property around, these “players” attempt to sell as much land as they possibly can. Those who fail to recruit an adequate amount of clients find it hard making it “past go” and often fail in the agency or, much worse, lose their jobs.

One of the best way to avoid this is to look at other comparable properties in the area and see what they have actually sold for. Not paying more than the market value for the property will go a long way in keeping your real estate investment profitable.

1. All firms, no matter what type of firm structure they are producing in, make their production decisions based on where:

1. Describe three specific example of how Disney movie can unintentional create roles certain groups of people through socialization.

There area plenty of strategies out there, but I would recommend getting the right real estate agent by your side because they understand all the intricacies of the market. The other compelling strategies include making your self accessible and exploiting the internet to your advantage.

What is the effect on the equilibrium price and equilibrium quantity of orange juice if the price of apple juice decreases and the wage rate paid to orange grove workers increases?

My strategy for playing monopoly was to buy as much property as I can. Prior to the game I already had Pennsylvania Avenue and Oriental Avenue. By the end of the game, I had also bought Baltic Avenue, Connecticut Avenue, and Water Works. However, the money I spent on the properties was not a smart investment because the players would not land on it frequently, and if they did, the rent for the property was not a lot of money to make a large difference

When someone makes the decision to buy or rent a home they must consider the advantages and disadvantages of each. In buying a home the primary advantage is that you actually own it. You can do whatever you want with it. Also, you are building equity as the years go by. “People today have problems saving for their future” (CNN Money, 2014). However, when they buy a home, the

From this week of instruction, the simulation demonstrated how a fictional apartment management company is impacted by several monetary influences. The concepts of microeconomics can be classified as changes in equilibrium,

What is a monopoly? According to Webster's dictionary, a monopoly is "the exclusive control of a commodity or service in a given market.” Such power in the hands of a few is harmful to the public and individuals because it minimizes, if not eliminates normal competition in a given market and creates undesirable price controls. This, in turn, undermines individual enterprise and causes markets to crumble. In this paper, we will present several aspects of monopolies, including unfair competition, price control, and horizontal, vertical, and conglomerate mergers.