2/13/2023 0 Comments Lost lands 3 in formula![]() We have come across the word profit and loss many times. Similarly, if the good is repurchased at a lesser price then there is a loss. ![]() When a good is re-purchased at a greater price then a profit is incurred. The term 'Profit and Loss' is a concept developed from various applications to real-life problems which take place in our lives almost every day. Comparing prices is also a form of profit and loss as you learn to save money by buying the same good at a comparatively lesser price. Later, kids come across the concept of discount on the cost price and the concept of comparing prices before purchasing. ![]() Parents often take their kids to the supermarket to make them learn about the price marked on every good and the calculation of total price. Money is actually a tricky concept to explain to kids without giving them an opportunity to get hands-on experience. It is very important to familiarize yourself with profit and loss, not only to run a business or company but also to keep an account of your own expenditure. Every company and business works on the fundamental concept of profit and loss.
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