In our class, we had a game in which a market was formed with landlords(sellers) and buyers(renters), where the sellers would showcase their prices on a white board, and the renters would go and choose a price based on their budget and based on how we are arranged. In the free market there were more sellers than compared to when Mrs.Price intervened, putting a max price for the houses. This led to a shortage of houses as then sellers would have made a huge loss, where some of the landlords don’t have to pay for maintenance. This led to accessibility to only a few of the buyers, which were arranged by things such as height order, length of hair etc. Luck played a huge role for the renters, where most of them couldn’t get a chance to buy properties. Thus in reality, when the government tries to make it affordable for the poor, many people who have high incomes can afford it easily, not really working towards the government’s goal; the government failure leads to poor quality houses and less availability of houses, not really helping individuals with low income.
Economics Game