This article provides an overview of the virtual economy and how to run a virtual business. It includes demographic and economic background information for Virtual Island, where the virtual business will be located. The article also covers growth drivers, schools, and transportation in the area.
The Virtual Economy - Overview
Added on 2019-10-09
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The Virtual Economy - OverviewYour group has been tasked with running a virtual business for a virtual year. Your group’s business is oneof 20 retailers operating in the Virtual Business Enterprise (VBE) world. Each business has 3 levels of product on offer at 3 different price and quality points. At the end of each in-world session, half yearly financial statements are generated for your business in your VBE dashboard. You should use these financial statements to help to plan and execute your group’s in-world sessions.Background context for Business Plan - Virtual IslandThe following information is provided to inform you of the environment Virtual Island operates in:Demographic informationThe shopping mall where your VBE business is located is situated in Virtual Island, a satellite city northof Brisbane, Australia.Virtual Island is a growing middle-class community with 25,000 residents (51.3% females and 48.7% males). The majority of these residents are families of four or more. The average age is37.3 years of age, the same as the Australian median age.The main occupations of people in Virtual Island are Clerical and Administrative Workers 16.8%,Technicians and Trades Workers 15.8%, Professionals 14.3%, Community and Personal Service Workers 10.9%, Machinery Operators and Drivers 10.6%, Labourers 10%, Managers 10%, Sales Workers 9.8%.The median individual income is $750.00 per week and the median household income is $1675.00 per week.9.7% of homes are fully owned, and 50.6% are in the process of being purchased by home loan mortgage. 38.1% of homes are rentedVirtual Island adjoins the communities of North Lakes and Dakabin which have similarpopulation size and demographics.The Brisbane CBD is a 40 minute drive from Virtual Island.Economic backgroundThere is currently an economic boom in the Virtual Island area, primarily in response to newemployment opportunities due to the area’s growth. It is expected that annual growth in the region will be 10%.The market primarily consists of individuals although there are opportunities for some sales tothe corporate sector.The level of competition in all industries is high.Consumer sentiment is expected to rise over the next three years.Future revenue growth in the area is expected to increase in line with economic and population growth.
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