Economics Lab
Read the curves, work the numbers and learn how markets and economies fit together.
Economics Lab covers the main ideas of a one-semester high school economics course. It starts with scarcity, choices and opportunity cost, and then the production possibilities frontier, drawn from a table of points. Level 3 introduces supply and demand as real straight lines drawn from their equations, with price up the side and quantity across, so students find equilibrium and work out a shortage or a surplus at a stated price.
Level 4 looks at what shifts each curve and how price floors and ceilings work, and level 5 turns to elasticity, using the midpoint method and the total revenue test. Level 6 covers fixed, variable and marginal costs, profit and market structures. Level 7 measures the whole economy with GDP, the unemployment rate, inflation and the price index, and level 8 covers fiscal and monetary policy, the spending multiplier, comparative advantage and a final mix. All tables, graphs and numbers are original, and each picture matches its question.
What children practice
- Explain scarcity and calculate opportunity cost from a table or frontier
- Find equilibrium price and quantity, and the size of a shortage or surplus
- Say which curve shifts, and in which direction, when a market condition changes
- Calculate price elasticity of demand by the midpoint method and use the total revenue test
- Work out profit from costs and revenue, and find GDP, the unemployment rate and a price index
- Tell fiscal policy from monetary policy, use the spending multiplier and spot comparative advantage
Levels
- Level 1: Scarcity and choices
- Level 2: Production possibilities
- Level 3: Supply and demand
- Level 4: Shifts and price limits
- Level 5: Elasticity
- Level 6: Costs and markets
- Level 7: The whole economy
- Level 8: Policy, trade and mix
How it works
- Eight levels move from a single person's choices to a whole economy, and the last level draws on every topic.
- Rounds include multiple choice, tapping items on a drawing, sorting terms into bins, putting steps in order, multi-step problems and a keypad for numbers.
- The formulas each question uses are on the cards, and dollar amounts, percents and quantities are written in one consistent form so answers are exact.
- Five correct answers and a brief practice timer unlock the next level. Stuck students can open up to three hints, and answers come with a short explanation.
Best for: A good fit for grades 10 to 12 in a high school economics course, and for students who want to practice graphs and calculations before a quiz or an exam.
Tip for parents: Choose an item your family buys often and ask your child what would shift the demand for it and what would shift the supply. Listen for the difference between a move along a curve and a shift of the curve.
Questions parents ask
Does the game take a side on economic policy?
No. Questions on price controls, taxes, trade and government spending only define terms and work through the mechanics. Nothing in the game recommends a policy or says what should be done.
Is this a personal finance game?
No. It covers how markets and whole economies work. For pay stubs, budgets, saving and loans, try Money Smart Lab, which is built for that.
How are supply and demand graphs drawn?
Both curves are drawn as straight lines from their equations, so the picture and the answer always agree. Students find equilibrium by reading where the lines cross.
Ready to try it?
Economics Lab is free with a parent account. A parent adds a child profile, and the child's progress is saved.