Prices Related To Buying And Selling
Chapter Name : Comparing Quantities |
Sub Topic Code : 104_08_08_04_01 |
Topic Name : Prices Related To Buying And Selling |
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Sub Topic Name : Finding Cost Price/ Selling Price, Profit% Loss% |
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Introduction
What is a profit? What is loss?
Pre-Requisites:
Basic knowledge about ratios and percentages
Activity:
Depending on the selling price of the property and the cost price, the profit or loss is found out.
Real Life Question:
What is the discount in the reebok store this month?
Key Words / FlashCards
| Key Words | Definitions (pref. in our own words) |
|---|---|
| Profit | Difference between selling price and cost price |
| Loss | Difference between cost price and selling price |
Learning aids / Gadgets
| Gadgets | How it can be used |
|---|---|
| Business game board | A place on the board would be set to auction. The players will bid for the place. The auction starts with the bank mortgage value of the place. See the selling price and compare to find the profit or loss. |
Real life uses :
Every place involved in trade
Practical examples around us
| Examples | Explainations |
|---|---|
| Sales of the day | The sale accounts of every day are accounted and profit or loss for the particular day is calculated |
| Industrial accounts | The profit and loss statements are made by taking into account the stock in inventory, stock produced and stock sold out that day. |
What you learn in Theory:
Profit occurs when the selling price of the product is more than the cost price. Loss occurs when the cost price is more than the selling price.
What you learn in Practice:
The mortgage value is half of the cost price. We start the auction with a loss. As competition builds and people bid higher, there is a chance of the selling price becoming more than the cost price and that results in profit.