In a classroom simulation, a sudden 'global' shortage of a key raw material causes its price to surge significantly. Student-run firms quickly reallocate their budgets and production methods toward using a cheaper substitute. This observed behavior demonstrates the experiential learning of:

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Education · Economic Concepts in Classrooms

In a classroom simulation, a sudden 'global' shortage of a key raw material causes its price to surge significantly. Student-run firms quickly reallocate their budgets and production methods toward using a cheaper substitute. This observed behavior demonstrates the experiential learning of:

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The signaling function of prices

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In a classroom simulation, a sudden 'global' shortage of a key raw material causes its price to surge significantly. Student-run firms quickly reallocate their budgets and production methods toward using a cheaper substitute. This observed behavior demonstrates the experiential learning of:

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In a classroom simulation, a sudden 'global' shortage of a key raw material causes its price to surge significantly. Student-run firms quickly reallocate their budgets and production methods toward using a cheaper substitute. This observed behavior demonstrates the experiential learning of:

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