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Resources/NeedsWants

Managing your resources

TermDefinition
Resource Anything we can use to meet our needs or achieve our goals. Examples: materials, people and time
Types of resources 1. Physical 2. Natural 3. Financial 4. Human 5. Time
Needs This is something we can’t do without. It is essential for our survival or plays an important part in our daily lives. Example: Water, Shelter, Food
Wants This is something we would really like to have but do not need. It is nonessential things. I might make our life easier or more enjoyable, but we do not need them to survive. Examples: Phone, Internet, Netflix
Financial Cost This is the money cost or price of the item we choose to buy.
Opportunity Cost This is the item we must go without when we have to make a choice
Money Smart Being money start means making decisions about spending money carefully and wisely.
Created by: ms.ahern
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