Opening up to trade is equivalent to adopting a more efficient technology- it

enhances efficiency by allocating resources, promotes dynamism in innovation, and

improve manufacturing quality and productivity all at once by wanting to have
advantage among other competitors. Thus, Arnold Kling concludes that Economic
theory indicates that international trade raises the standard of living.
Similarly, this is illustrated objectively in some online games specifically the
MMORPGs. This means that many of the core theories of economics, those of
supply, demand, marginal revenue and the like, can be applied directly to MMORPG
virtual economies. The key issue as we shall see is the dominant one in virtual
economic theory- how a game designs its market around the concept of perfect
information that all producers and consumers know the price and quality of all
goods. (Ludgate, et.al, 2010)
Let us take Albion as an example. In this game, players will be able to claim
land, build a house and buildings, maintain a farm, gather resources, craft items
which they can use or sell, pay tax, and engage in Guild vs Guild or open world PVP.
It is up to the player to decide how they want to interact with the world. (Sandbox
Interactive. 2015. Albion Online.http://www.mmobomb.com/review/albion-online.)
In conformity, the game is just like a mini demonstration on how people
interact in our economy. We acquire land since it is the source of all material wealth.
It influenced all aspect in economics such as agriculture, trade and industry, etc.
(AgriInfo.in. 2011. Introduction to Agriculture in Economics. http://www.agriinfo.in/?
page=topic&superid=9&topicid=194.). We make tough planning to build house and
furnishing it using our own style. Constructing a building or maintaining a farm to be
use in gathering resources and maximize productivity. And afterwards, we decide
(depending on our needs) to use or sell the goods produced. To continue the cycle,
as we embark in the marketplace competition will arise. Competition, as define in
business dictionary, is a rivalry in which every seller tries to get what other sellers
are seeking at the same time: sales, profit, and market share by offering the best
practicable combination of price, quality, and service. Where the market information
flows freely, competition plays a regulatory function in balancing demand and
supply. Hence, just like in the game Albion, there is a necessity to craft and
specialized products for them to attain comparative advantage among others. The
player/seller needs to have an effective strategy in trading so that their
empire/entity will continue to remain in the business.
In conclusion, there are numbers of concept in MMORPG which has eerily
mirror the world in some aspect that we all need to take into consideration. And one
of those concepts is that we need to be wise in our actions (trading, selling, buying,
etc.) because this will indicate our role in the economy - we can be the efficient and
at the same time be the inefficient ones.

Sandbox Interactive. 2015. Albion Online. http://www.mmobomb.com/review/albiononline.

Ludgate,Simon. 2010. Virtual Economic Theory: How MMOs Really Work.

http://www.gamasutra.com/view/feature/134576/virtual_economic_theory_how_mm
os_.php?page=1.

Kling, Arnold. 2008. The Concise Encyclopedia of Econimoics: International Trade.

http://www.econlib.org/library/Enc /InternationalTrade.html.
AgriInfo.in. 2011. Introduction to Agriculture in Economics. http://www.agriinfo.in/?
page=topic&superid=9&topicid=194

Business dictionary. 2015. Competition.

http://www.businessdictionary.com/definition/competition.html.