Classroom games are a fun and memorable way to teach basic economic concepts. Students often don’t understand how universal the laws of economics are–until they see themselves unknowingly following those laws!
These free economics class games are some of our favorites. Most are applicable to any introductory micro, macro, or survey course at the college or high school level. (You could also use them to turn your next holiday dinner or cocktail party into an econ-stravaganza your family or friends won’t soon forget!)
These games require minimal props and setup. They work best in person, but with minor adaptations most will also work for remote instruction.
For a walkthrough of several games, see our professional development video Play Economics: Top 5 Games for Classrooms or check out the quick start shorts for several of the games below..
You might also like MRU’s Interactive Practices: free interactive tools that help students learn (or review) important concepts in supply and demand, inflation, trade, and more! They’re great solo-work counterparts to these group econ games.
Do you have other favorite econ class games? Please share them with us at [email protected]!
Dollar Auction – This game is perfect for the first day of class. Your students will be amazed as you auction off an ordinary dollar bill for more than a dollar. In the process they’ll learn about incentives and the sunk cost fallacy…and perhaps they’ll also learn not to trust an econ teacher who makes them an offer that seems too good to be true.
Related MRU Content:
Intro to Econ Unit
Property Rights / Tragedy of the Commons – Fisheries are a classic case of the tragedy of the commons–and a great example of how establishing social norms and property rights can avert that tragedy. This fun (and often frenetic) simulation lets your students experience the incentives of the commons first-hand, showing why resource depletion can occur even when it’s in no one’s interest. (Created by the Foundation for Teaching Economics)
Related MRU Content:
Intro to Econ Unit
Externalities Unit
Supply and Demand Simulation – This game is a “must” for introducing market equilibrium and consumer and producer surplus. All you need to play is a deck of cards! Players take on the role of buyers and sellers with randomly determined willingness to pay and cost of production–then they try to strike deals with each other to maximize their surplus. Multiple rounds will illustrate how markets can quickly reach an efficient equilibrium.
Related MRU Content:
Supply and Demand Unit
Trading Game – Great to introduce a unit on international trade–or as part of a “white elephant” gift exchange during the holidays. Students will trade everyday items under varying sets of rules. This experience will teach them about the principles of voluntary exchange, preference differences, mutually beneficial exchange, and gains from trade, plus the impact of the size of the market.
Related MRU Content:
International Trade Unit
An Insurance Market Simulation – This game simulates a homeowner’s insurance market, showing how rate caps (price ceilings) and state-sponsored insurers of last resort can affect private insurers’ behavior and the market’s overall viability. Based on fire-prone California, but also directly relevant to hurricane coverage in Florida or to any other state with frequent catastrophic insurance claims. It’s deeper and more involved than our other games–allow a full class period to play and discuss!
Related MRU Content:
Price Ceilings and Floors Unit
Externalities Auction – This game is integrated into our lesson plan on negative externalities–the first day of our Externalities and Public Goods unit plan. You’ll auction off a cowbell or other noisemaker (along with the right to use it at will) to a class troublemaker, who should provide your students with a vivid example of negative externalities. This drives class exploration of private vs. social costs and potential options to mitigate externalities.
Related MRU Content:
Externalities Unit
Market Structure Games – Use this game to demonstrate the impact of different market structures: perfect competition, monopoly, competitive oligarchy, and collusive oligarchy. Students play the role of firms in different competitive conditions, trying to maximize returns as they sell a product. (Created by the Federal Reserve Bank of St. Louis)
Related MRU Content:
Competition Video
Monopoly Video
Inflation Auction – If you have twice as many dollars, that means you’re richer, right? This auction game demonstrates why that intuition is wrong–when the money supply is increased, but the available goods stay the same, prices rise inevitably. Great to introduce a unit on inflation–or a history lesson on inflationary episodes like Weimar Germany. (Created by the Federal Reserve Bank of St. Louis)
Related MRU Content:
Money and Inflation Unit
Monetary Policy Unit
Externality Game – Negative externalities–like pollution–are a common problem. But there’s usually a trade-off involved: reducing an externality often comes at some cost. This game simulates that trade-off by requiring students to maximize production (guessing words) while minimizing pollution (noise). What happens to production and externalities under different rules, like cap-and-trade? (Created by EconEdLink)
Related MRU Content:
Externalities Unit
Trading Pollution Video
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