business

Question 1

5 types of resources

Answer 1

physical/capital resources, natural, financial, human, time.

Question 2

examples of physical/capital resources

Answer 2

buildings/property, computer, car, smartphone (long term purchases)

Question 3

what is a natural resources

Answer 3

such as land and water

Question 4

financial resource

Answer 4

all types of and sources of money e.g savings, income

Question 5

human resources

Answer 5

ability to read and write, skills in general

Question 6

time resources

Answer 6

valuable resource when used correctly

Question 7

3 types of expenditure

Answer 7

fixed, irregular, discretionary

Question 8

fixed expenditure

Answer 8

same amount of money on the same day every time

Question 9

irregular expenditure

Answer 9

less regular spending

Question 10

discretionary

Answer 10

non essential items

Question 11

current expenditure

Answer 11

repeated expenditure e.g groceries, diesel

Question 12

capital expenditure

Answer 12

once off or long term spending e.g tv

Question 13

false economy

Answer 13

purchase that appears to be good but isnt