Monopoly: Introduction to the Market Economy

One game we love at our house is Monopoly.  I teach many things to my kids through this sophisticated game.  I found that they can absorb different concepts at their different levels of understanding, and there’s so much to learn even years after one starts playing it.  Some of the things I teach them include:

– Probability — some locations have much higher chances of getting visitors than others.  Also “7” is the most likely result of the two-dice roll, etc.

– Evaluation of different investments — slight differences in pricing even on the same block or quadrant means some are better investments than others

– Marginal analysis — why one should try to build 3 houses on the streets of one block

– Negotiations — this is how most people achieve monopolies in a game with more than 3 players

– How changes in market situation affects how you should play the game — once some players achieve monopolies and have houses built, the best place to me may be the jail…

There are lots of analyses on the Internet to help you identify the things you can learn from Monopoly.  Enjoy!