Microsociety Week 6+7

This week we talked about profit and loss. Profit

is how much you earn overall, taking away the cost

of how much it was. For instance, if I buy a pencil

for 25p and I sell it for 45p, I would have made a

profit of 20p. Loss occurs when you spend more on the product than how much you sell it for. We tried to keep a company ledger. A company ledger is when you write down how much everything you brought costed and how much you earn.

In week 7, we talked about supply and demand. Demand is how much people want and supply

is how much you have.