Question

5. Describe the Wealth Effect Game and how it helps students to learn about finances.

Answer 1

The answer would be: The wealth effect games stimulates the real world and the students go through the same experience as adults and they learn to handle real world problems.

Answer 2

"The Wealth Game” is based on “Market Exchange and Wealth Distribution: A Classroom Simulation” by Robert B. Williams. Students are given a set of beads with defined values that determine their wealth in one of three categories: poor, middle class or rich. Their goal is to increase their wealth by trading beads with other students.

This trading game helps students to learn about finances due to it is used to make a good decision in every trade. This game introduces the 'opportunity cost' topic, inviting its contestants to consider every trade-off and evaluate his/her options.