Resources
what is a resource?
is anything that we can use in order to meet our needs or achieve goals
Materials, goods, people
What do resources do?
Help achieve goals
Useful and valuable
Limited or scarce
Types of resources
Physical :
Natural
Financial
Human Resource
Time
Needs vs wants
Used to provide other goods and services i.e vehicles, computers
Money available to households or indie i.e. income or savings
Land or water
skills, abilities and experience i.e. Creativity, family , teachers
Use wisely
Need is something we can't live without i.e. food
Want is something we can live without , not essential i.e. phones
Money is anything of value that is accepted by people in exchange for goods and services
Financial cost : money cost and the price of goods we have chosen to buy
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