Chapter 4: Resources Flashcards
Define resources
What is available to be used
True or false; Resources can be traded to other individuals
true
What is resourcefulness
the ability to recognize and use resources effectively
Define intangible resources
Resources that “cannot be touched” cannot be quantified, counted, or touched.
ex; sense of humor
Define human resources
The skills, talents, and abilities that people possess
What does HR department manage?
Skills, talents and abilities of employs
Define human capital
The sum total of human resources, all the capabilities and traits that people used to achieve goals
Define material resources
include natural phenomena such as natural (fertile soil) and man made objects (buildings)
Human made resources __ __ __ over time
degrade in value
Define resource stock
The sum of readily available resources an individual possess
Economics refers to
the production, development, and management of material wealth
What are the three components of economics?
a) Scarcity
b) Opportunity costs
c) Laws of supply and demands
Scarce or low availability of an object results in the prize ____
raising
As the price of the item ____ demand rises and as the price of the item rises the demand ____
rises and drops
As supply goes up price will _____ and if the supply goes down the price will _____
Fall and rise
What is economic well-being
the degree to which individuals and families have economic adequacy and security
Define private resources
Resources that are owned and or controlled by an individual, a family, or group
Define Public resources
Resources that are owned and used by all of the people in a locality or country
Resource advantage theory explores the benefits of?
a) Entrepreneur
b) Leveraging
Define utility
the value, worth, applicability, productiveness and usefulness of a resource
Define culture
the sum of all socially transmitted behaviour patters, beliefs, arts and all other products of human work and thought characteristic of a group, community or population
Define cognition
The mental process or faculty by which knowledge is acquired
Define consume
to destroy, use or expend
Define the FOA resource model
illustrates the interdependence of resources, resources at the top are more selective when exchanging (love, status) then resources on the bottom (money, information, goods)
