Hi, everyone, it’s me again. This time, I’ll be talking about our latest Scimatics project, “Time is Money”. In this project, we learned about calculating hourly wages, production costs, net earnings, and other things that would come in handy when figuring out funding and income when starting a business. I found this project to be really interesting, despite the fact that I made absolutely no sales.
Understanding and Solving
Since I used the website Teespring to design my clothing that I tried to sell, I had the costs of the production calculated for me. The website didn’t charge me for the production, they instead took the production cost out of the net earnings of each sale I made. Or, well, would have done that if I had made any sales. I also made hypothetical equations for if I were to make 5 sales a day for 1 year, in which I needed to use different strategies to calculate my net earnings and the production costs.
Communicating and Representing
I made linear graphs to visualize and represent my earnings. My linear equations used the form y=mx+b, with y representing my total earnings, x representing my total hours worked, and b representing the startup cost, which for me was zero. With production costs deducted, if I sold 5 shirts a day for a year, I calculated that I’d make $1,840.98 a year, which definitely isn’t enough to live off of. Here is a graph representing my hypothetical earnings:
Connecting and Reflecting
I feel that when I’m older, I’ll be using the things that I learned in this project a lot throughout my life in the workplace and at home. I found I was able to improve upon these skills a lot during the project as well. Sadly, my business wouldn’t be able to cover the costs of living, nor would it be very sustainable on the environment, since the clothes would be made in a factory, which would be quite polluting. Here is my video explaining my earnings and the calculations:
That’s pretty much it. I hope you enjoyed all 357 words of this blog post and I’ll see you next time.