Hi Xuji. In Australia, Practice Firms provide a safe and secure learning environment, tailored to suit vocational outcomes and leading to the development of skills that make the students highly employable. They’ve been used extensively in secondary and vocational education with 150 Australian firms and some 4000 international firms in operation at any given time. Each of these 'practice firms' or ‘simulated businesses’ or 'virtual enterprises' or 'training companies' follows real-world business practices and trades within a virtual economy.

Practice firms are fake companies that you make up to practice real life business management. Corporate firms are real companies where real goods are sold and real money is passed around.