Business Resources Flashcards
3 types of Business Resources
Natural resources
Labour resources
Capital resources
Natural resources
Natural resources are items used by the business that come
from the natural environment, including land, water, raw
materials (e.g. timber), etc.
When planning for natural resource needs, businesses should
consider: environmentally friendly, reduce wastage, etc.
Labour resources
Labour resources (also known as human resources) refer to
the people that provide their skills, effort and knowledge to
the business in return for a wage/ salary.
Capital resources
Capital resources refer to the tools, equipment and
machinery used to produce goods or services.
When planning for capital resource needs, businesses need to
consider:
What tools/machinery will be needed in production?
How will we finance new capital purchases?
How will equipment be maintained and repaired?
Does the business have the right workers with the right skills
to operate the machinery effectively?
