Week 6+7-Profit and loss-Supply and demand.
In this week's microsociety, we discussed what was meant by profit and loss.
Profit: If you spend £6 on slime and a squishy and sell it for £10, your profit is going to be £4. The profit is what you gain after selling your goods.
Loss: If you spend £6 on slime and a squishy and sell it for £2,your loss is going to be of £4. The loss is what you loose after selling your goods.
We also watched a short video expplaining about it.
In our groups , we came together to see if our teams had profit or loss.
The next thing was, if you don't fill your ledger in, you will be fined 10
Last of all , we traded to see if we made a profit or loss.