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Resources (Types of resources (Physical : (Used to provide other goods and…
Resources
Types of resources
Physical :
Used to provide other goods and services i.e vehicles, computers
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Human Resource
skills, abilities and experience i.e. Creativity, family , teachers
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Needs vs wants
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Want is something we can live without , not essential i.e. phones
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opportunity cost is next best thing we have done with our money. When we decide to use our money for one particular purpose we cost that opportunity to something else with that money