Monopoly: Board Game Analysis

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Monopoly is a board game for the purpose of learning about economics. In order to win the game, you have to be the last person to become bankrupt. To be able to win against your opponents, it is best to control most of the board so you can collect rent from other players so they lose money and become bankrupt. We played it in class so we could learn about economic terms and find examples of them, in a fun and interesting way. I learned many things from this activity and playing the game helped me to learn the meanings of the terms from experience. Opportunity cost occurs when you are given a choice of two or more things, and by choosing one you lose the potential gain from the other option. In either situation you still benefit, but because …show more content…

That includes all the properties I owned at the end, the cash I had left, and anything else of value such as the ‘get out of jail’ cards. I owned two railroads, along with a few other properties. Some of the other properties I had possession of happened to be States Avenue, North Carolina Avenue, and Park Place. A person owns a monopoly when he or she controls all of the supply of an item or a service. With a monopoly there is no competition. This can bad for consumers because the owner of the monopoly has control over everything. I experienced a monopoly in one of the games I played when my sister owned all the properties belonging to one color set. Because of this, she was able to build hotels on those properties which had put me at a disadvantage since I became more likely to lose the game. An economic bad is any item a person does not want, and that person would pay to have less of than more. An economic good would basically be any of the goods or services within the game. This includes the properties and more. The market in Monopoly would be the properties. Players can buy them or choose to auction them to other players. There was a supply when there were enough properties to be sold for basically any price. There was a scarcity of properties when there was not enough of them to satisfy

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