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Buisness ððð
Term | Definition |
---|---|
What is a resource? | A resource is anything we could use in order to meet our need or achieve our goals . |
Explain a need and give an example. | A need is something that we simply cant live without: that is essential for survival or something that plays a very important part in our lives.e.g. Food , air , water , shelter , money , clothes. |
Explain a want and give an example. | A want is something that we would like to hav but is not necessary for survival.it may improve our way of living but it is not essential.e.g. Phone , holiday , turtle ( i mean come on like who dusent want a turtle) =) |
Explain the term opportunity cost . | Its the item that you miss out on when choosing between two stuff. |
What does it mean by being money smart? | Spending your money on items that are more important at the moment , putting your needs before your wants. |
Explain income? | Income is money you receive into a household. |