FMLY 1420 Lecture Notes - Lecture 4: Soil Fertility, Resource Allocation, Problem Solving

• School: University of Manitoba
• Department: Family Social Sciences
• Course: FMLY 1420
• Professor: Rachael Pettigrew

Document Summary

This chapter intended for the second half of the management model: Definition of resource: "what is available to be used" Tangible resources: resources that are real, touchable, or capable of being appraised. Human resources: the skills, talents, and abilities that people possess. Human capital: the sum total of human resources, all the capabilities and traits that people use to achieve goals. Material resources: include natural phenomena and human-made items. Fertile soil, petroleum, river, buildings, money, computers (2) Distribution: applying resources in the order of priority (3) Economics: the production, development and management of material wealth. Scarcity: a shortage or an insufficient amount or supply. Plenty/ high availability = decrease in price iii. iv. Opportunity cost: the highest valued alternative that must be sacrificed to satisfy a want or attain something. Laws of supply and demand: scarcity affects the price and worth of a resource. Decision: conclusions or judgements about some issue or matter.