Resources 🛟

Question 1

What is a resources in business

Answer 1

Anything we can use to meet our needs/ goals
Materials, goods, people, knowledge, money, time

Question 2

Types of resources

Answer 2

Physical/ Capital
• Natural
• Financial
• Human
• Time

Question 3

What are physical resources

Answer 3

Goods that are made by people can be used to provide other goods & services. Ex: buildings/ property, vehicles, computers

Question 4

Name 2 natural resources

Answer 4

Land
Water

Question 5

Financial resources defintion

Answer 5

All types and sources of money available to households and individuals. Ex: employment income, income from benefits (child’s benefit

Question 6

What are Human Resources definition

Answer 6

Skills, abilities and experiences. Ex: Read and write, solve problems

Question 7

Time resources definition

Answer 7

Valuable - important to use wisely. It’s a limited resource. Cannot be bought,
borrowed or earned

Question 8

What is a resource? Give one example of a personal resource.

Answer 8

A resource is anything that can be used to achieve a goal or meet a need.e.g money

Question 9

Explain the difference between financial and non-financial resources.

Answer 9

These are money or things that can be turned into money. They help you buy what you need or want.e.g cash or wages where as
Non-Financial Resources:
These are resources that do not involve money, but still help you achieve your goals.e.g time+skilks

Question 10

Example: List and explain three resources a person would need to start a business.

Answer 10

Financial resources: Money is needed to cover start-up costs like buying stock
Human resources: his refers to people with skills and experience (business-hire staff)
Time: Starting a business takes a lot of time and effort.