Main Uses of Video Games
Entertainment
Video games have made the leap from niche hobby to mass entertainment medium.
Game-based eLearning
Games are also making inroad into the higher education sector, thanks to its unique approach of introducing complex concepts with interactive and compelling simulations.
Online Socialization
Games have affected how we spend our past-time and have taken online social activities to a new level via massively multiplayer online games.
Traditional teaching approach uses lectures, textbooks and case studies. These passive methods emphasize on:
- Theories
- Understandings of separate business disciplines
- Case study
Pros
Effective in introducing a systematic set of concepts to students.
Cons
Do not provide enough learning opportunities for creative uses of the theories to solve problems in the business world.
Business Simulation Game are designed to complement the traditional teaching methods.
- enable students to apply their theoretical business knowledge to an interactive environment.
- AI competitors respond to the player’s business actions in real-time. The competition is intensive.
- make the learning process more fun, increasing students’ motivation to learn.
- Students assume the roles of top managers of a company
- They must identify and evaluate market opportunities, formulate business plans and execute them to achieve results.
- They have to make decisions in such business areas as marketing, sales, pricing, manufacturing, hiring, capacity planning, inventory management, research and development.
- Students are given a specific set of business or financial goals to meet.
- They have to face the consequences of their decisions.
- So students must think hard about each decision they are going to make.
- During the process, they also learn the essentials of leadership and team building.
Business schools who have used Capitalism in teaching have reported overwhelmingly positive students feedback. Students’ interests in the course subjects and motivation to learn have increased markedly.
Professors who have used Capitalism were very pleased with the product’s performance as a teaching tool.
“Capitalism is a world class, hands-on learning experience which I've used at Stanford School of Engineering and Harvard Business School. Gamers not only learn the subtleties of growing an entrepreneurial business but also learn about leadership and team building necessary in any business situation.”
“Capitalism is very realistic and will allow the dynamics to change depending on whether you're selling a cola product, which is sort of a low tech-branded consumer good, or whether you’re selling consumer electronics or a PC.”
“This game does an excellent job of modeling many of the key aspects of modern business.”
“In particular it's gratifying to me to see that the game rewards thinking about sources of long-term competitive advantage, be it from brand recognition, low production costs gained from learning-by-doing, a monopoly on high quality inputs, or a big technological lead.“