Profit and Loss + Supply and Demand

Microsociety week 6 - 7

Today I'll be talking about Profit and Loss and also Supply and Demand!

Loss is when you made less profit when you sold your goods or items or services which you have purchased.

Profit is when you get more money for items or services you purchased and sold.

How to know if you get profit or loss?

You must have a ledger to know.

When you buy an item or service and sell it. Your item cost has to be less than your selling price or service price. When your item is sold at a higher cost than a buying cost then you make a profit.

We looked at the concept of supply and demand.

When our team of supply of the magazines, did not really met the demand of all people who would like to buy it our team knew there was something wrong. It means that the items we were trying to sell were either not popular or not needed in this market and not interesting.