THE WORLD GAME OF ECONOMICS: LESSON 10
Focus on Research & Writing a Country Report
NOTE: It is highly recommended that you read over this entire lesson before you begin.
Preliminary Discussion: The combined forces of Aggregate Demand and Aggregate Supply determine the level of output, prices, and employment for countries in the global economy. Aggregate Demand (AD) is the amount of total spending on the part of consumers, businesses, government, and net exports at different prices. Spending is inversely related to prices. Aggregate Supply is the amount of output on the part of producers at different prices. Production is directly related to prices. The equilibrium level of output and prices for a given economy is where Aggregate Demand is equal to Aggregate Supply.
Aggregate Demand and Aggregate Supply schedules are constantly in motion. This is what causes business cycles and fluctuations in output, prices, and employment for a given economy. Although economies are increasingly interdependent, each nation in the global economy experiences its own unique sequence of events and policies to determine its level of output, employment, and prices. At any particular time, countries around the world can have different problems and be in different phases of the business cycle.
Economists are called upon to research, describe, analyze, report, and explain individual country and global economic trends. They are asked to prepare reports which describe and forecast the direction of economic activity. Additionally, they make recommendations regarding economic policy in their reports.
The best economists are good writers and effective communicators. They are good at analyzing economic events, and they can effectively report their findings to others. Their reports are carefully prepared and clearly written, so that others (non-economists) can understand what is being said. Political leaders, in particular, are dependent upon sound economic analysis and clearly written reports to help them shape economic policy.
In The World Game of Economics you are the chief economic adviser to
the leaders of the country of your choice. You are in charge of economic
policy. Effective communication between yourself and political leaders
would be essential for sound economic policy. The objective is to
implement timely and appropriate economic polices to improve the overall
economic performance of your country. Good luck and have fun!
1. Play The World Game of Economics to 100 points against up to six other countries which are computer-managed (ie., advised by Professor N. D. Cator). Note: If you do not know how to play the game, then select "Tutorial" from the main menu first. If you already know how to play, then select "New Game."
2. You are the chief economic adviser to which country?
3. How many other computer-managed countries are you playing against? ________.
4. Complete the game. Print the final score.
5. Select any country in the world in which you are interested in learning more about. Locate sources of information in the library and on the internet which have current economic information and statistics on this country. Write a well-organized report following the outline below as closely as possible:
I. Geography and Demographics
A. What is the name of the country?
B. Where is it located, how big is it, and what is the size of its population?
C. What are its main natural resources?
II. Political Topics and Issues
A. For how long has the country been independent?
B. Describe its current political system.
C. Who are the country's leaders?
D. What are the main political issues of the country at this time?
III. Economic Data and Issues
A. What is the county's GDP? What is the GDP per capita?
B. What are the current rates of inflation and unemployment?
C. What was the Current Account Balance in the balance of payments last year?
D. What are its principal exports and imports?
E. What is the exchange rate between its currency and the U.S. dollar?
F. What are the major economic issues confronting the country at this time?
G. What fiscal policies have recently been implemented or proposed?
H. What monetary policies have recently been implemented or proposed?
I. What trade policies have recently been implemented or proposed?
J. Do you agree with these economic policies? Why or why not?
6. On the template below, indicate where you think this country is currently positioned (approximately) in the playing area of The World Game of Economics based upon the economic data you have collected and the report you have written. Use a colored felt pen to sketch the country's flag or use an abbreviation (e.g., JPN = JAPAN). Indicate the units of measurement for each key variable on the outer edges of the playing field. Circle the current position of your country. Sketch an arrow to show the direction you think the country's Economic Indicator is pointing at the time of your report.
Note: At the instructor's discretion, you will either receive up to
___ possible points or a letter grade for this report. Attach the
above template indicating the current position of the country (and the
print out of the final game score) to your report. Your paper will be evaluated
on the basis of its organization, continuity, grammar, content, the extent
of your research, and the strength of your analysis. This paper is
The World Game of Economics (C) 1999 Ronald W. Schuelke
All Rights Reserved