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Time For Business - 1st Year

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