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ECO 202T SNHU Simulation Second Run of Econland Discussion

ECO 202T SNHU Simulation Second Run of Econland Discussion

Question Description

I am looking for my initial post and 2 classmate responses.

For this discussion, play your second run of the Macroeconomics Simulation: Econland (from Harvard Business Review), in which you act as a the chief economic policy advisor for the fictional country of Econland. Select either the Rollercoaster or Stagnation scenario option. You may play the simulation as many times as you like. This will directly support your success in your course project, due in Module Eight.

In your initial post, include an image of your simulation report. (See Module Seven Simulation Discussion Screenshot Instructions.) Then address the following:

  • Share your experience in the simulation. In your opinion, which policy decisions were more successful and why?
  • Why does the simulation provide you with a global economic outlook for each year? How does an open economy versus a closed economy impact government policy decisions? Use information from the textbook or the news to support your answer.
  • At the end of each year, the simulation highlights changes in consumer confidence. Why is the economic indicator “consumer sentiment” relevant for making successful policy decisions? Use news sources to support your answer.

In your responses, comment on at least two posts from your peers, and compare and contrast your simulation experience and analysis. Refer to the textbook to support your decisions and your claims related to open economies and consumer confidence.

To complete this assignment, review the Module Seven Simulation Discussion Guidelines and Rubric.

Module Seven Simulation Discussion Guidelines and Rubric

Overview

Your active participation in the discussions is essential to your overall success this term. The simulation discussions in this course allow you to share your experiences playing simulation games related to the final project simulation. These discussions give you a chance to express your thoughts, ask questions, and gain insights from your peers and instructor.

Directions

Create one initial post and follow up with at least two response posts.

For your initial post, you must do the following:

  • Create a post that addresses the discussion prompt.
  • Attach a screenshot of your simulation report.
  • Complete your initial post by Thursday at 11:59 p.m. of your local time zone.
  • Use proper citation methods for your discipline when referencing scholarly or popular sources.

For your two response posts, you must do the following:

  • Reply to at least two classmates outside of your own initial post thread.
  • Complete your responses by Sunday at 11:59 p.m. of your local time zone.
  • Follow the guidance in the discussion prompt.

Module Seven Simulation Discussion Rubric

Criteria Proficient (100%) Needs Improvement (55%) Not Evident (0%) Value
Initial Post: Timeliness Develops an initial post that includes simulation image by the indicated time Initial post does not include simulation image or is not posted by the indicated time Does not make an initial post 20
Initial Post: Open Versus Closed Economy Explains the relevance of global economic outlooks, including the impact of an open versus a closed economy, and uses references from the textbook or the news as support Shows progress toward proficiency, but with errors or omissions Does not attempt criterion 20
Initial Post: Consumer Confidence Explains the relevance of the economic indicator “consumer sentiment” for making successful policy decisions, and uses news sources to support Shows progress toward proficiency, but with errors or omissions Does not attempt criterion 20
Response Posts Responds to at least two peer posts by comparing and contrasting simulation experiences and analyses, and refers to the textbook to support decisions and claims Shows progress toward proficiency, but with errors or omissions Does not attempt criterion 30
Articulation of Response Clearly conveys meaning with correct grammar, sentence structure, and spelling, demonstrating an understanding of audience and purpose Shows progress toward proficiency, but with errors in grammar, sentence structure, and spelling, negatively impacting readability Submission has critical errors in grammar, sentence structure, and spelling, preventing understanding of ideas 5
Citations and Attributions Uses citations for ideas requiring attribution, with only minor errors Uses citations for ideas requiring attribution, with major errors Does not use citations for ideas requiring attribution 5
Total:

My 1st classmate response needed

7-2 discussion

Stefanie Kreiman posted Feb 18, 2021 6:35 PM

Hello everyone,

So, I ran the simulation twice, I chose to do rollercoaster because it sounded like it would not be boring and that it would be more variety on what could happen during the simulation. I will admit that my first run had a better result than the second run. If I learned anything from last time is to not drastically change things. Do it in small increments. So, when I needed to bring GDP growth up then I would lower interest rate, if I needed to bring up popularity then down went the income tax (though in small ticks), if the income tax is lower then people love you.

The simulation not only gives you data about what is going on in your own county but gives you an overview of what is happening in other countries. An open market is an economic system with little to no barriers to free-market activity (Investopedia). A closed economy is one that has no trading activity with outside economies, which means no imports or exports come or leave the country (Investopedia). An open market is more accessible with few, if any, boundaries to prevent a person or entity from participating. The larger and more established players may make it more difficult for smaller or newer companies from making a presence in the markets but there are no regulatory barriers to entry (Investopedia). In closed markets, however, that there are more prohibitive regulations that constrain free market activity. Closed markets can restrict who can participate or can allow pricing to be determined by any method outside of supply and demand (Investopedia). Of course, no county is exclusively closed or opened but maybe more strongly one or the other. Examples of open markets are the U.S., Canada, Western Europe, and Australia, and examples of closed markets are Brazil, Cuba, and North Korea.

Consumer confidence can be the big decision-maker for governments and businesses. If consumer confidence is high then that can lead to a boost in production and inventories, an increase in hiring rates, higher housing construction rates and so much more. If, however, consumer confidence is low that can lead to a decline in consumer spending, a crease in inventories, and a delay in investing in new projects and facilities, and governments will ready for a reduction in future tax revenues and more.

1st run1st run table 11st run table 21st run table 3

Reference

Learn More About the Concept of an Open Market. (2020, December 1). Investopedia. https://www.investopedia.com/terms/o/open-market.a…

Closed Economies and Why They Don’t Really Exist. (2020, November 29). Investopedia. https://www.investopedia.com/terms/c/closed-econom…

Why consumer confidence is an important economic indicator. (2014, September 5). Yahoo! Finance. https://finance.yahoo.com/news/why-consumer-confid…

My 2nd classmate response needed

7-2 Simulation Discussion: Second Run of Econland

Week 7 discussionTable 1Table 2Table 3

For this simulation, I chose the rollercoaster option. I found the scenario to be much more interesting this time than the one we did a couple of weeks ago as I had a little more knowledge of what I was doing. In this scenario, I would lower the interest rate if I needed to increase the GDP growth, I would lower the income tax if I needed to raise my popularity, I would use the corporate tax to help control my debt as well as the employment rate and I would adjust my spending trying to keep my dept as close to zero as possible. I started having a large surplus then I would increase my spending, which also helped with my popularity.

The simulation gives you global economic health as that could have a large impact on your economy. For example, your countries exchange rate will determine if it’s more profitable to import or export. It also will control how much your citizens have to pay for items that are imported. A closed market won’t have to worry about the exchange rate as they don’t participate in the imports or exports.

Consumer confidence is important when making policy decisions as it represents how much trust the citizens have in the economy. When the trust is low spending will slow and saving will rise which could affect the GDP, As we learned from the great recession.


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