Making the Most of Your Resources (Junior Cycle Business)

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Description and Tags

Revises: Resources, needs and wants and financial vs opportunity cost

16 Terms

1

What is a resource

Anything we can use in order to meet our needs or help us achieve are goals

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2

What are 3 characteristics of resources

  • Useful and valuable

  • Help us achieve things

  • May be limited or scarce

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3

What are the types of resources available to us

  • Physical/capital

  • Natural

  • Human

  • Financial

  • Time

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4

What is a capital resource

Goods made by people that are used to make other goods and provide services

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5

What is a natural resource

Resources provided by nature

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6

What is a financial resource

All types and sources of money, e.g. savings, income from employment (wages)

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7

What is a human resource

The skills, abilities, and experience you and the people around you have available to help you

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8

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

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9

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

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10

Why are financial resources important

They allow people to buy goods and services

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11

What is a need

Something you can’t live without, e.g. food, water, clothes, shelter

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12

What is a want

Something you’d like to have, but isn’t essential to live. Wants can make your life easier

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13

What is money

Anything of value that is accepted by people in exchange for goods and services

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14

What is a priority

Something that is more important than other options

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15

What is a financial cost

The price of the items we choose to buy

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16

What is the opportunity cost

The good or service we have chosen to go without in order to purchase another good or service

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