Activity 01
Market Simulation: Introducing Tariffs
Pairs set up a simple market with imported and domestic product cards showing costs and prices. One partner applies a 20% tariff to imports, then both adjust prices and track sales over three rounds. Groups share graphs of consumer spending shifts.
Explain how tariffs impact consumer prices and domestic production.
Facilitation TipDuring Market Simulation: Introducing Tariffs, circulate with a timer visible to keep rounds short and focused on price changes and consumer reactions.
What to look forOn an index card, students will list one advantage and one disadvantage of tariffs for Australian consumers. They will also define 'quota' in their own words.