The author describes a classroom experiment that illustrates the welfare effects of allocating a good on a first-come, first-served basis. In the first round, each student must decide how long to wait in an imaginary line for candy, without knowing how much will be distributed or how long others are willing to wait. In making this decision, a…

As they work to master the supply-and-demand model, high school economics students spend considerable time studying competitive markets for such goods as wheat, apples, and corn. They usually spend less time studying markets for labor. That is a shame, because high school students have a vital interest in understanding why some jobs pay more than…

In this article, the author introduces Birka, a strategic trading game for high school economics students in either regular or advanced placement classes. For the game, students assume the role of Vikings who have returned to the medieval outpost of Birka to trade the loot from villages they have plundered. Playing cards represent the loot:…