Resources Flashcards
(5 cards)
1
Q
What are resources?
A
Anything we use in order to meet our needs and achieve our goals. They are often scarce and limited.
2
Q
What are needs?
A
Something which we simply can’t do without eg. Food and clothing
3
Q
What are wants?
A
Something we would really like to have but is not essential eg. Phones
4
Q
What are financial costs?
A
The money cost of the items you choose to buy
5
Q
What is the opportunity cost?
A
The item we had to do without that we had to forgo when we chose to buy something else with that money. Eg. 2 dresses for sale, red and blue, both for €20 you buy the blue, red is the opportunity cost
