Business Resources Flashcards
What are resources
The items needed for the business to make goods and services as well as to function properly
What are three types of Resources
- Natural
- Labour
- Capital
Natural Resources
Items used by the business that come from the natural environment
Labour Resources
The people that provide their skills, effort and knowledge to the business to make goods and services
Capital Resources
The tools, machinery, equipment, buildings and vehicles that are used to produce goods or perform services
Factors of Natural Resources
Where will the business source their natural resources from?
Are the raw materials sustained, accessible and reasonably priced?
How can the business reduce wastes and environment damage during production?
Factors of Labour Resources
How many workers will be needed and what kind of skills will they need?
How will the business attract and retain these workers?
What are the legal responsible of the business towards the employees?
Factors of Capital Resources
What kind of tools and machinery will be needed?
How will the business repair, maintain and replace its equipment?
Does the business have the right workers with the right skills to operate the machinery they need?
