Welcome to my ePortfolio
SOCIAL SCIENCE
This assignment is a part of economic subject as my elective. It is about let me think that I'm a tour guide and have to create a plan for my trip. This assignment make me learned about the basic think of economist by calculate the trip cost that fit for budget and try to make the trip cost lowest but still get a good quality of things that the consumer will get. According to the law of supply and demand theory.
"What is the Virtonomics Simulation?"
Virtimomics is an online business game. We need to use our knowledge that we have learned about markets & firms and also included financial statements. We used the knowledge and experience to explain how to implement successful business strategies and grow our company exponentially.
Virtonomics Simulation gave me a lot of knowleadges and experiences. I have learned who the business work by I was started up a company, which it wasn't just only the lessons and theories that I have learned but also need an experience. The reason is in each regions that we have started, it has totally different such as geography, political, financial system. I chose to based in Athens of Greece. The reason are Greece is a high tax country,which means the citizen have enough purcheasing power to support my business. Second, it located in Europe which the continent is between America and Asia, so it is quite easy to expland the business into other countries . Third, the population quite high so the high people can supported my business.
"What challenges did I face during the Virtonomics simulation?"
Before my business is sucessful, I have dealed some problems such as at the beginning of the business was unprofitable in many weeks and the business efficiency dropped sharply. I immediately try to find the best solution by I was looking for other kinds of product such as jewelry that it makes me much higher profit about 300%-600% of each piece. And to slove the business efficiency is by I employed suitable amount of employees in each section, high quality of equipments and increase qualification of owner. I also expanded the business to Nigeria. I just thought and without research that if I expand to Nigeria, it would make me higher profit beacuase the rate of tax is much lower than Greece. And my prediction was wrong because when the country has low tax rate ,it also comes with low salary. It affected to me by the citizen have low purchasing power.
"What is Shareholders' Letter?"
A portion of a company's annual report in which the management discusses the company's activities during the year and helps to explain the financials and other contents of the rest of the report.
What is its purpose?
A letter to shareholders may accompany a corporate report and provide a summary or analysis of company performance as well as guidance for looking at company reports.
"What did I learn from Virtonomics?"
I have learned many things with some of it can't learn in class. I learned how to use my knowledge and adapt into Virtonomics. Sometimes I didn't think carefully and less of reseach that make me has loss money that used to expand the business into Nigeria. According to the quote "Make mistakes. Learn from them. Move on." So, I fixed that problem by add more kind of products that would help the store has some profit. I decided not to close it because it still make some profit. And I kept it as the lesson learned, next time I will do more reseach. I also learned how to write the financial statement such as the balance sheet, which I was learned during Grade 10 but I kind of no idea how to write and how inportant is it. But now, I already know because I used the data and write it as the real situation.