Managing resources

Managing resources

1. Anything we can use to meet our needs

   • Needs vs wants
     • Need = necessary for survival
     • Want = something we'd like to have

2. Types of resources

   • Physical/capital resources
     • Used to make other resources
   • Natural resources
     • Provided by nature
   • Human resources
     • Skills, abilities, experiences
   • Time resources
   • Financial
     • Money available to households
       • Being money smart
       • Costs
         • Financial costs
         • Opportunity costs
       • Making choices

3. Resources are:

   • Scarce
   • Useful
   • Valuable