CHAPTER 1 Reviewing Your Personal Resources


1.1 Review the personal resources available to them to realise their needs and wants and analyse the extent to which realising their needs and wants may impact on individuals and society.


Chapter Summary Resources


A resource is something a person can use to achieve a goal. ґ Financial Resources Money earned, saved or received. ґ Personal Resources Skills you naturally have or have learned. ґ Physical Resources These are things you own and can use. ґ Human Resources People who can provide help and guidance. ґ Time How much time you have available to do things.


Scarcity Needs & wants


Resources are limited. There are not enough resources for everyone to have or do everything they want.


Need: Something we require for survival or that is essential. Want: Something we would like to have, but don’t need to survive.


Opportunity Cost: The item or choice someone goes without when choosing between options.


Opportunity Cost & Financial Cost


If you choose an apple instead of an orange, the opportunity cost of the decision is the orange you do not receive.


Financial Cost: The money that is spent when choosing an option. 1.


2.


Positive impacts of consumption


4. 5. 1.


2.


Negative impacts of consumption


Buying local supports Irish jobs.


3. Not buying counterfeit goods/ always using legitimate businesses helps fund our public services through taxation.


Second-hand buying reduces landfill waste. Re-using goods conserves scarce resources.


Pollution from waste and disposable goods e.g. single-use cups. Fast fashion increases environmental damage.


3. Worker exploitation supporting businesses that use child labour. 4. Over-consumption increases transport and carbon emissions. 5.


Buying counterfeit goods harms businesses and reduces tax revenue for the government.


Add your notes here:


Buying Fairtrade items supports workers and farmers who will get paid a fair wage.


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