Monopoly Teacher Resources
If your students have ever played the popular Monopoly board game, they know the thrill of buying up an entire side of the board, filling it with hotels, and collecting piles of money from everyone around the table. What they may not know is how the game is modeled after the economic concept of a monopoly—and that while pretending to own an entire sector is fun, the real-world implications can adversely affect the economy as a whole.
For the basics of teaching about monopolies, check out this video on the history of monopolies in America, including the robber barons of the Gilded Age, and another video that covers modern examples of monopolies in the greater economy. A presentation discusses examples and traits of monopolistic competition, while a short math lesson prompts learners to analyze data sets and profit scenarios when considering a monopolistic economy.
Put your lesson into the context of other economic systems with a video on game theory and oligopolies, or a history unit on the Industrial Revolution in America. An informative lesson plan applies the concept of monopolies to the real-world application of gas prices.
Want to use the board game in class after all? An engaging activity uses Monopoly to review the concepts of GDP and varying fiscal policies. There’s something for every classroom here at Lesson Planet!