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Resources

1sr Business Studies

QuestionAnswer
Resources Anything hat we can use in order to meet our needs or achieve our goals.
Needs Something that is essential for our survival and plays a very important part in our daily lives
Wants It is not essential but it is something we would really like and may improve our quality of life
Physical resource Made by people. Allow people to meet their day to day needs. Also called capital resources
Capital resource Also called physical resources
Natural Resources that are provided by nature
Financial Resources that include all types and sources of money available to individuals and households
Human Known as HR. Refers to your skills, abilities and experience.
Time Most limited resource. It cannot be earned, borrowed or bought
Limited Few, small, restricted in size
Scarce Not enough for what is demanded
Money Anything of value that is accepted by people in exchange for goods and services
Financial cost The money cost. The price of the goods we have chosen to buy
Opportunity cost
Created by: cmcgrath
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