13/06/2018

Week 6 + 7- Profit and Loss- Supply and demand

This week in microsociety we were learning about what profit, loss, supply and demand meant. We also had a simulation.

Profit and loss mean that you are making or losing a certain amount of money. You can control this by keeping a ledger, however its quite hard to get out of debt once you land in it. Supply and demand mean what your customers want vs what you have in supply. You don't want to over stock or under stock and it is very difficult to keep them two balanced.

Our microsociety sessions didn't go well at first but then business started going well. Because our supply on Friday was much, much smaller than demand so we decided to hold an auction. Our grand total was.......................................................185 Waks! Then, one of our clients got angry at us and paid us 50 Waks to rip up our name-tags. Obviously we agreed. At the end, I was a very rich person , ending up with 200 more than I started with.