BTM Study Guide

Topics: Supply and demand, Economics, Costs Pages: 31 (9049 words) Published: October 1, 2013
Beat The Market On Line:
An Interactive Microeconomics Simulation Game
Student Manual
THIRD EDITION

Steven C. Gold

Gold Simulations Educational Software
Beat The Market On Line: An Interactive Microeconomics Game
Beat The Market: Student Manual
Published by Gold Simulations LLC, 330 Rick Road Milford NJ, 08848. Copyright© 2004 by Gold Simulations LLC; ALL RIGHTS RESERVED
No part of this publication may be reproduced or distributed in any form or by any means, or stored in a database or retrieval system, without the prior written consent of Gold Simulations, LLC., including but not limited to, any network or other electronic storage or transmission, or broadcast for distance learning. ISBN: 0-9759842-0-9

Copyright 2012, 2007, 2004. Exclusive rights by GoldSimulations for manufacture and export. Printed in the United States of America, Third Ed. Beat the Market is a trademark of Gold Simulations. www.goldsimulations.com

Table of Contents
SECTION 1: DESCRIPTION OF THE SIMULATION
Overview .......................................................................................................... 1 The Four Market Structures .......................................................................... 1 Macroeconomic Conditions and Random Events ..................................... 3 SECTION 2: HOW TO REGISTER & PLAY THE GAME

Online Registration ........................................................................................ 4 Simulation Game Procedure .......................................................................... 4

SECTION 3: DESCRIPTION OF GAME DECISIONS
Overview .......................................................................................................... 8 Demand Decisions .......................................................................................... 9 -Price, Advertising, Product Development, E-Commerce

Supply Decisions ........................................................................................... 13 -Production, Process Improvements, Plant Size, Training
SECTION 4: DESCRIPTION OF REPORTS
Profit Statement – Revenues and Costs Itemized .................................... 19 Demand & Supply Reports .......................................................................... 23 Market Research Report ............................................................................... 25 Macroeconomic Report ................................................................................ 27 Competitive Analysis Report ....................................................................... 27 SECTION 5: FREQUENTLY ASKED QUESTIONS

Common questions students have asked about playing the game ......... 28

S E C T I O N 1: DESCRIPTION OF THE SIMULATION
Overview
Beat The Market (abbreviated BTM) is an interactive on line simulation game that will help you learn microeconomics in a new and exciting way. This is accomplished by giving you the opportunity to apply microeconomic terms, concepts, and models in a decision-making setting to achieve the objectives of the firm, reinforce microeconomic tools of analysis, and practice critical thinking. This program puts you inside the world of the textbook. You do not just read about market behavior and resource allocation. You live it! You are asked to manage a firm in different markets (perfect competition, monopoly, monopolistic competition and oligopoly), similar to the way top-level executives manage in the real world. The purpose is to show you how microeconomics can be used to better understand the market environment and improve the performance of the firm. BTM is more than just a game. It is a dynamic hands-on simulation of the standard market structures that provides an important link between economic theory and application. The game allows you to see how different markets function and apply microeconomic tools of analysis to try to beat the market. The mechanics of playing the game are very simple. As...
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