The Economics of Gaming - World of Microeconomics
This course covers 8 core microeconomic concepts by highlighting the similarities between online video game economies and the real-world economy.
Before you get started, please answer the following questions
L1. Q1. Micro vs Macro. Defining scarcity
L1. Q2. The need for money and markets
L1. Q3. Opportunity costs & trade-offs
L1. Q4. Rational decision making
L2. Q1. Understanding the demand curve
L2. Q2. Shifts in the demand curve
L2. Q3. Understanding the supply curve
L2. Q4. Shifts in the supply curve, equilibrium
L3. Q1. Understanding price elasticity of demand
L3. Q2. Factors influencing price elasticity of demand – Wants vs needs
L3. Q3. factors affected price elasticity of demand – Availability of close substitutes and share of consumer’s budget
L3. Q4. Familiar examples and side quests
L4. Q1. Specialisation and gains from trade
L4. Q2. Absolute advantage vs comparative advantage
L4. Q3. Factors of production
L4. Q4. Benefits of a free market & side quests
L5. Q1. Utility and budget constraints
L5. Q2. Diminishing marginal utility
L5. Q3. Total utility vs diminishing marginal utility
L5. Q4. Optimal decision making
L6. Q1. Understanding game theory and the payoff matrix
L6. Q2. The Nash equilibrium and the prisoner’s dilemma
L6. Q3. Collusion and escaping the prisoner’s dilemma
L6. Q4. Example of game theory
L7. Q1. What are monopolies and oligopolies?
L7. Q2. Key types of barriers to entry
L7. Q3. Monopoly vs perfect competition
L7. Q4. Monopoly the board game
L8. Q1. Understanding income inequality
L8. Q2. The Lorenz curve and the Gini Coefficient
L8. Q3. Methods for reducing income inequality
L8. Q4. Inequality of wealth in gaming
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