Well, yes it does teach you the basics. That said, the real world differs greatly because of how each country is different (somethings are more popular in one country while not in another). The grand exchange is global so it doesn't matter which world you are on, you can trade with anyone.

You can learn how updates, which, in the real world could be various things like a company closing. You learn how certain things effect the market.

Supply and demand was another thing I learned. When the player base dropped I learned how supply AND demand was lowered drastically. This is because without players, you can't have supply and demand.

In real life, it's called a scam.

If anyone has played Runescape they know about the Grand Exchange and how it is somewhat similar to wallstreet/real life investing in a way. Would playing this game give a good foundation of what its like to invest in the real life? Runescape offers charts and graphs for items sold in the grand exchange just as companies in real life.