Business, November 1st year

resource

Anything we can use in order to meet our needs or achieve our goals.

asset

something of monetary value

human resources

people in our lives that help us

physical resources

goods made by people

financial resources

our source of income

natural resources

resources supplied by nature

time

a resource which is limited

need

something we cant live without or is crucial for survival.

want

something we would like to have but is not necessary

financial cost

this is the price of the goods we have

opportunity cost

the item we did not buy

regular income

income that is consistent or predictable. it is usually paid at regular, agreed times

salaries

salaries are fixed regular payments made by an employer to an employee for their work over a specific period, often monthly or annually. They do not typically vary based on the numbers of hours worked.

wages

wages are payments made to employees for the hours worked or the amount of work completed. Unlike salaries wages are often paid on an hourly, daily or weekly basis, and can vary depending on the number of hours worked.

irregular income

money that is not received on a regular basis and can not be depended on. It can vary in time and amount.

benefit-in-kind

non cash forms of income, e.g. phone

fixed expenditure

any household bills where the amount stays the same no matter how much of the item we use.

irregular expenditure

any household bills where the amount changes depending on how much of the item we use.

discretionary expenditure

non essential items that you should only buy if you have any money left over after uou have set aside enough money to pay all your important bills.

capital expenditure

long term or once off spending

current expenditure

day-to-day or short term spending