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Resources
Time For Business - 1st Year
| Term | Definition |
|---|---|
| A resource | is anything we can use in order to meet our needs or help us achieve our goals |
| Capital Resources | These are goods made by people and used to make other goods and provide services |
| Natural Resources | A person may have access to resources provided by nature |
| Financial Resources | Are all types and sources of money, which allows people to buy goods and services |
| Human Resources | This refers to not only your own personal skills, abilities and experience, but all the people available to help to help you |
| Time Resources | Is a valuable and limited resource, so it is important to use it wisely |
| A need | is something we simply can't do without, it is essential for our survival |
| A want | is something that we would like to have. It might make our lives easier but it is not essential |
| Financial cost | Is the money cost or price of the items we choose to buy |
| Opportunity cost | Is the items we must go without when we have to make a choice |
Created by:
Sarah C. Lynch
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