Week - 6 and 7

This week in microsociety we learnt about profit/loss and demand/supply.

Profit/loss

A profit is the money that is left over from what the item cost you to get into the shops so it sells. So if you had some butter that cost 3 pounds and it cost the shop 2 pounds to make it, they made a profit of 1 pound.

Loss is the exact opposite of profit. Instead of making money you are losing money. Businesses normally have a loss for a bit of time when they start because people haven't found out what their products are like.

Demand/supply

Demand is when people want the product that has been made to sell in the shops.

Supply is how many of the product the company have made.

This week for our business was probably the best week yet. We sold all of our products and made a profit of 80 jemmies (jemmies are our currency).

I can't wait to see how many of our products we are going to sell next week!