On 15th June a workshop was conducted by the INDIAN SCHOOL OF BUSINESS & FINANCE (ISBF) for Grade XI & XII students to gain an understating of the basic concepts of economics, management and finance through an interactive role-play game, under the banner of PLAYNOMICS.
As opposed to traditional classroom/text book teaching, Playnomics involve students to actively participate in the learning process that is both enjoyable and relatable to the real world scenarios.
It acquaints the participants/students with the research and application based teaching methodology followed at ISBF. The aim of these workshops is to inspire students to engage in Economics, Management and Finance in greater depth.
The resource persons for the workshop were Mr. Amarnath Mondal, Sr. Associate Manager-Outreach, University of London International Programmes & Mr. Soumitra Mookherjee, Associate Professor, ISBF. The details of the workshop are as follows:
The Win-Win Game
PURPOSE: The purpose of the workshop was to demonstrate how international trade takes place and its benefits. The game mimiced an international trade scenario where the countries with varied resources traded amongst each other.
GAME RULES: Students were divided into teams & each team represented a country. These countries (teams) competed against each other to ‘manufacture’ paper shapes (circles, triangles, rectangles, etc.) and sell them to an international commodity market trader at posted prices, which varied with supply and demand. The objective of each country was to make as much money as possible.
- Students were able to understand the concept and rationale of International Trade and how countries interact with each other by skillfully deploying the resources at their disposal.
- The game also illustrated the principle of specialisation and division of labour.
- It showed how coordination and delegation of responsibilities helps them attain competitive edge globally.
- The students were able to understand and apply the theory of Comparative Advantage, given by David Ricardo by efficiently utilizing the abundant resources at their end and by buying out (outsourcing) the resources that they can easily access externally, at relatively low prices.
SKILLS LEARNT: Time management, Respecting the limited resources and Teamwork