This article investigates the impact of a business simulator in an online economics course, focusing on the relationship between student engagement and reflections on learning. Utilizing a mixed-methods approach, our study analyzes responses from 328 students who used the "Hubro Business Simulator" in a flexible online bachelor's program in economics and administration. Students provided reflections on the simulator as a learning activity, application of theoretical concepts and practical relevance. Qualitative analysis of 1640 responses further explored the depth of students' reflections, categorized into different tiers of engagement based on their responses. This analysis builds on Self-Regulated Learning (SRL) and motivational theory. The study sought to determine whether students reporting higher levels of engagement exhibited deeper metacognitive reflections compared to their less engaged peers. Findings support a link between the level of engagement and the depth of reflection. Students with higher engagement levels were more likely to reflect on specific ways in which the simulator had supported their learning and understanding of theoretical concepts. This paper discusses the limitations and implications of these findings for enhancing game-based learning interventions, emphasizing the need to foster higher engagement levels to improve educational outcomes in online learning environments. The study contributes to the literature on game-based learning by providing a large empirical study on how business simulators can foster higher-order thinking and deeper learning reflections among economics students. It also highlights the role of engagement in using business simulators as learning tools, offering insights that could improve the learning design and implementation in similar online and flexible learning program contexts.