In this project, you will demonstrate your mastery of the following competencies:
You and your friend from college have just graduated. You majored in business, and your friend majored in a creative field. Your friend is highly inventive and has come up with an excellent idea for a new product. You both believe in this idea so much that you have agreed to become business partners. However, before you embark on your entrepreneurial adventure, you will have to explain some key microeconomics concepts to your partner that are important to make sound business decisions.
Your business partner is less than enthusiastic about this prospect and has never had an interest in what is often described as the dry and boring field of economics. Every time you have tried to engage your partner in practical discussions, they brush you off and decide to go play video games instead.
Aha! This gives you an idea: What if you could convince your friend to learn about economics through games? You have found several simulation games that demonstrate in real and interesting ways the economic principles that you know your partner needs.
Once you have played the games, you will create a memorandum report summarizing for your friend the educational value of your experiment. In your memorandum, you will restate the key principles and takeaways of each simulation, as well as illustrate how these ideas are relevant to your future entrepreneurial success.
First, assemble the materials that you will need to complete this assignment:
You are expected to reference any source material used in your memorandum report with appropriate citations. To support you, a References page has been added to the project template with a citation for this course’s reading already provided. Any other references you add should be cited according to APA format.
Once you have assembled the required materials listed above, you can now begin drafting your memorandum report by completing the following steps:
To complete this project, you must submit the following:
Your memorandum report should summarize the key principles and takeaways of each microeconomics simulation for your business partner. It should also illustrate how these ideas are relevant to your future entrepreneurial success.
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