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Because business simulations simulate real-world systems, they are often used in management, marketing, economics and hospitality education. [11] [12] Some benefits of business simulations are that they permit students to experience and test themselves in situations before encountering them in real life, [13] they permit students to experiment and test hypotheses, [13] [14] and that subjects ...
Virtual worlds are 3D computer environments where each user is represented with a character – avatar. Traditionally, virtual worlds have been used for entertainment. However, starting from approximately 2004 both corporate world and academia started to recognize business value of virtual worlds for training and education, collaboration, and mark
Linden Lab reported that the Second Life economy generated US$3,596,674 in economic activity during the month of September 2005, [2] and in September 2006 Second Life was reported to have a GDP of US$64,000,000. [3] In 2009, the total size of the Second Life economy grew 65% to US$567 million, about 25% of the entire U.S. virtual goods market ...
A virtual simulation is a category of ... programmed to create simulations of life ... ability of a financial model. [88] Simulations are frequently used in financial ...
A virtual economy (or sometimes synthetic economy) is an emergent economy existing in a virtual world, usually exchanging virtual goods in the context of an online game, particularly in massively multiplayer online games (MMOs). People enter these virtual economies for recreation and entertainment rather than necessity, which means that virtual ...
A stock market simulator is computer software that reproduces behavior and features of a stock market, so that a user may practice trading stocks without financial risk. Paper trading, sometimes also called "virtual stock trading", is a simulated trading process in which would-be investors can practice investing without committing money. [1]
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IBM, for example, purchased 12 islands within Second Life for virtual training and simulations of key business processes, but has since moved on to other platforms due to maintenance costs. [ 54 ] [ 55 ] Others, like musicians, podcasters, and news organizations (including CNET , Reuters , NPR 's The Infinite Mind , and the BBC ), have all had ...