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Business

Making the most of your resources

TermDefinition
Resource A resource is anything that we can use in order to meet our needs or achieve our goals.
Physical resource These are goods that are made by people and can be used to provide other goods and services. ex=buildings, phones, books, vehicles.
Natural resource These include things that are provided by nature. ex=land, water
Financial resource This category includes all types and sources of money available to households and individuals. ex=income from employment, savings
Human resource This refers to your skills, abilities and experience. It also includes other people that are available to help you. ex=ability to read and write, creativity, family and friends, teachers
Time resource It is the most valuable resource and our most limited. You can't earn, borrow or buy more time.
Need This is something we simply cannot live without, it s essential for our survival and plays an important role in our daily lives. ex=food, water, clothes, shelter
Want This is something that we would really like to have, while it may improve our life, it is not essential for our survival. ex=phone, car
Money This is anything of value that is accepted by people in exchange for goods and services.
Financial Cost This is the money cost and is the price of the goods we have chosen to buy.
Opportunity Cost This is the 'next best thing' we could have done with our money.
Financial Literacy A set of skills that will enable you to manage your money in a planned and realistic way.
Created by: SadhbhMcGlinn
 

 



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