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Chapter 01

Making the Most of your Resources

QuestionAnswer
Resource Anything we use to meet our needs or achieve our goals
Three types of resources and definitions Physical/capital (made by people to make other goods/ services) Natural (provided by nature) Financial (all sources of money) Human (personal skills, abilities and experience) Time (use of time)
Need definition + 2 examples Something we can’t do without Food Shelter
Want definition + 2 examples Something we’d like to have but don’t need Phone New game
Priority Something more important than other options
Financial cost Cost of item
Opportunity cost Item we have to go without
Created by: TomDel123
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