Microsociety Week 6+7

In microsociety this week we talked about what profit and loss is. Profit is when you receive more money than you spend helping your own business and loss is when you spend more on your business than your income.

Then we tried to find out whether our businesses had made a profit or a loss. Luckily we made a profit as we didn't want to spend too much money on the business and because we didn't need too many things in order to get our business started. Then as we moved on, we bought a few more things but still aware of the price.

Also we hadn't forgotten to fill in our leger as we went on when costomers bought our product. But at the same time it was quite hard to remember. If a customer buys something we have to provide them with a receipt and a few other things so it was quite a hassle.

Luckily we had some time to trade and that went alright, I spent lots of money but it was worth it. Also next week I will need to contribute a bit more to stay at the stall for a bit longer.

Also we learnt about suply and demand. Supply is how much of a product you have and demand is how much or how many of something customers want. If your customers want a certain amount of something and you don't have that many of the thing they want, then you could lose quite a few customers and you could lose potential income.