EXTERNALITIES - cost or benefit that affects a party who did not choose to incur that cost or benefit; the consequence that is experienced by unrelated third parties.

OPPORTUNITY COSTS  - a benefit, profit or value of something that must be given up to achieve something else; the value of the next best alternative which is mutually exclusive from the first choice.  This is closely tied with the concept of scarcity - that there are limited amounts of resources (raw materials, time, happiness) and that we must choose; but at a cost.


1.  how does this simulation work/not work as a market model?
2.  in real life, what are the externalities of this "game"?
3.  opportunity costs?

for the reading:  complete a passage response journal of at least FIVE entries (passage/your response)