Sunday, November 2, 2008

Economics education on the iPhone

Just released for the iPhone is Lemonade Stand. It is $0.99 (click here). It is the best economics teaching tool for school aged kids. Basically you run a Lemonade Stand. This involves looking at the weather, setting price, choosing quantity and also your level of advertising. To make a profit you need to get close to the demand curve in these choices and pay attention to costs.

Child No.1 is, not surprisingly, playing it intensively. Indeed, I think she is outplaying me in terms of earnings. Then again she cares about virtual money much more than I do.