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Jan 9, 2024

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7-2 Discussion: Second Run of Econland For this discussion, play your second run of the Macroeconomics Simulation: Econland (from Harvard Business Publishing), 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 PDF .) 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. Hi Class, The simulation was more enjoyable this time around and I was able to redeem myself. With the Rollercoaster scenario, I was able to manage better and received an improved approval rating. My highest was 85% which is a huge leap from the initial 63% approval rating I scored on the first run of this simulation. The policy decisions I found most successful were to not fluctuate the interest rate, income tax rate, corporate tax rate too much. I kept the government expenditure closer to the $30 million from the previous year. Played it somewhat safe, but there is still a budget deficit which would have to be worked out. The simulation provides a global economic outlook for each year to help make better decisions based on the market. It also helps identify any potential risks that could impact economic growth and be able to see how the economy responds to the changes you make from year to year. “An open economy allows its businesses and individuals to trade with businesses and individuals in other economies and participate in foreign capital markets. A closed economy prevents its businesses and individuals from interacting with foreign economies to remain isolated and self- sufficient. The basic distinction between an open and closed economy concerns whether a country's government allows its citizens to participate in the global marketplace,” (SmartCapitalMind). An open and closed economy differs in how each handles international

trade. Open economies allow importing and exporting of goods. Closed economies prevent importing and exporting, and, instead, rely solely on goods and services produced within the country to satisfy domestic demand. The consumer sentiment indicator is relevant for policy decisions because it measures the confidence of consumers in the economy. It also measures the level of consumers optimism. References What is the difference between an open and closed economy? Smart Capital Mind. Mankiw, N. G. (2021). Principles of Economics. Cengage.

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