KEY TAKEAWAYS - CHAPTER 1 SUMMARY 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.


1 Resources


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. 2 Scarcity


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


3 Needs 4 Wants Something we require for survival or that is essential. Something we would like to have, but don’t need to survive. 5 Opportunity Cost


The item or choice we go without when we choose another option.


6 Financial Cost


If you choose an apple instead of an orange, the opportunity cost of the decision is the orange you do not receive. The money spent when choosing an option.


ґ Fairtrade supports farmers to ensure they receive a fair wage.


7


Positive impacts of consumption


ґ Buying local supports Irish jobs. ґ Not buying counterfeit goods and always using legitimate businesses helps fund our public services through taxation.


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


ґ Pollution from waste and disposable goods e.g. single-use cups.


8


Negative impacts of consumption


ґ Fast fashion increases environmental damage. ґ Worker exploitation supporting businesses that use child labour.


ґ Over-consumption increases transport and carbon emissions.


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


9


STRAND 1 CHAPTER 1: Reviewing your personal resources


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