making the most of resources

Question 1

what is a resource

Answer 1

anything we can use in order to meet our needs or acheive our goals

Question 2

what is a physical resource + examples

Answer 2

goods made by people and used to make other goods and provide services eg buildings computor family car

Question 3

whats a natural resource + example

Answer 3

resources provided by nature eg land water

Question 4

whats a financial resource+ example

Answer 4

any type of source of money available to us eg income from employment

Question 5

what is a human resource + example

Answer 5

refers to not only your personal skills and abilities but all the people available to help us eg teachers

Question 6

what is a time resource

Answer 6

time is valuable and limited so you must use it wisley unlike many other resources you cant buy , earn or borrow it

Question 7

whats a need + examples

Answer 7

something that we cant live whithout and is essencial for our srvival eg clothes, food

Question 8

whats a want + example

Answer 8

something that we do not need to survive but something we want that would make our life easier and more enjoyable eg mobile phone, laptop

Question 9

whats money

Answer 9

anything of value that is accepted in exchange for goods and services

Question 10

whats a priority

Answer 10

something that is more important than the other options

Question 11

whats a financial costs

Answer 11

money cost or price of the item we choose to buy

Question 12

whats an oppourtunity cost

Answer 12

item we must go without when we have to make a choice

Question 13

name 3 sources of money

Answer 13

-saved money
-earned by doing jobs
-borrowed money

Question 14

what can we use resources for

Answer 14

-to meet our needs
-to acheive our goals