During under graduation I studied economics but I don’t know that economics can be applied in real life and it can be related to real life activities. Every concept of economics can be related to life and in day to day life we can observe economics concept in every event which we done. By taking part in class participation we can get know about economic basic concepts as we can get to know well about everything.
Coming to simulation part me along with a group of people we do trade by manufacturing products and setting prices and by entering into the new markets with entry cost where I feel that I am doing trading in real life. Here we feels like we are trading in real market where we set price by thinking beyond what our competitors think. In simulation method price of the goods manufactured by calculating standard deviation for the product.
Thank you Prof. Prashant Kulkarni sir for helping me to learn all these basic economic concepts and letting us to take part in simulation game.
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