MICROSOCIETY - WEEK 6 + 7 SUPPLY AND DEMAND

These two weeks in microsociety we looked at what profit and loss mean. Profit is when a business earns more money then they had to use to get stock or set up a their business or any import they had to pay for . Loss is when a business has earnt less than anything they had to pay for to start or stock their business. We watched a video about profit and loss statement . Profit and loss statements show how much money you are making , compares your past performences and detects your financial issues .

Then businesses looked at weather they had made a profit or if they had lost money . Business were trying to keep up on their sales sheets helping them see how much they sale and the money they get for it .Then we had our half an hour trading time were we looked at businesses and brought anything we wanted but not everthing otherwise we have no money then we would have a big problem . Although if you wanted to get paid needed to take sometime to help your business otherwise you will end up like a person in our class ( no names ) who spent all their money in one lesson and didn't work so wasn't paid .

Then we looked at what supply and demand was .Supply is what your business produce or buy to put on sale and demand is what type of people want it how many people want it and who is it aimed at . Then we had another look at what the business and if they made a profit or loss on their second week . This is what we did in weeks 6 and 7 it was very busy