Market Mania by Peter Lyons

A simulation designed to illustrate to students the functioning of markets and price signals in allocating resources.

• Can be used with 4-30 participants.

• Designed for any age group at secondary school level.

• Suitable for use at all levels and varieties of Economics Curriculum that teach the Market System.

Students work in groups of 2 to 4 students. Each group is a currency or commodity trader.

The aim of each group is to make a profit by buying resources, producing output and selling it to the market.

Key learning objectives for students are:

• To identify the main categories of resources used in production.

• To understand what is meant by a production function.

• To recognise the different methods of production in particular labour and capital intensive production.

• To have an appreciation of how supply and demand determine market prices.

• To recognise how prices act as signals to producers who are motivated by profit.