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Revises: Resources, needs and wants and financial vs opportunity cost
What is a resource
Anything we can use in order to meet our needs or help us achieve are goals
What are 3 characteristics of resources
Useful and valuable
Help us achieve things
May be limited or scarce
What are the types of resources available to us
Physical/capital
Natural
Human
Financial
Time
What is a capital resource
Goods made by people that are used to make other goods and provide services
What is a natural resource
Resources provided by nature
What is a financial resource
All types and sources of money, e.g. savings, income from employment (wages)
What is a human resource
The skills, abilities, and experience you and the people around you have available to help you
Why is time a valuable resource
It’s a limited resource; you cannot borrow or buy more time. You can use time to gather other resources
Why are physical/capital resources important
They enable people to meet their day to day needs and also help us travel, communicate and enjoy our leisure time
Why are financial resources important
They allow people to buy goods and services
What is a need
Something you can’t live without, e.g. food, water, clothes, shelter
What is a want
Something you’d like to have, but isn’t essential to live. Wants can make your life easier
What is money
Anything of value that is accepted by people in exchange for goods and services
What is a priority
Something that is more important than other options
What is a financial cost
The price of the items we choose to buy
What is the opportunity cost
The good or service we have chosen to go without in order to purchase another good or service
Note 
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