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Business
Making the most of your resources
| Term | Definition |
|---|---|
| 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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