Chapter 1: Reviewing Your Personal Resources
Learning Outcome 1.1 | Section A and Section B
LO 1.1
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Resources
Resource
Something a person can use to achieve a goal. Everyone has access to different resources, and these affect what they can do and the choices they can make.
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Financial resources
Money a person has earned (income), saved, or received, such as pocket money, wages from a part-time job, or gifts.
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Personal resources
The skills and abilities a person has, such as being good at technology, music, sport or art.
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Physical resources
Items a person owns that help them do things, such as a bicycle, a phone or a laptop with internet access.
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Human resources
People who can help or support a person, such as parents, teachers, friends, coaches or people in the community.
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Time
The amount of free time a person has available. The time available limits what a person is able to do.
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Scarcity and Choice
Scarcity
Resources are limited or finite. There are not enough resources for everyone to have or do everything they want.
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Choice
Because resources are scarce, individuals, businesses and governments must make choices about how best to use their limited time, money and resources.
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Needs and Wants
Need
Something a person requires for survival or that is essential, such as food, shelter, basic education and basic clothing.
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Want
Something a person would like to have but does not need to survive, such as a holiday, branded clothing or a mansion. Needs and wants change at different stages of life.
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Cost of a Decision
Opportunity cost
The item or choice a person goes without because they chose something else. If you choose Option B instead of Option A, the opportunity cost is Option A.
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Financial cost
The money spent when choosing an option.
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Impact of Consumer Choices
Fairtrade
Buying Fairtrade products helps ensure workers and farmers are paid fairly and are not exploited.
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Fast fashion
Buying cheap clothes that do not last and are quickly thrown away, adding to environmental damage.
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Counterfeit goods
Fake or illegal goods, such as counterfeit jerseys, that avoid tax payments and harm legitimate businesses.
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Top Tip: Exam questions often slip in a luxury or branded item, like designer clothing. Basic clothing is a need, but branded or fashion clothing is a want.
📊 The chapter broken into its main topics. Tap a branch to expand it.
Reviewing Your Personal Resources (LO 1.1)
Your Personal Resources
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Financial: money earned, saved or received (pocket money, wages, gifts)
Personal: skills and abilities (technology, music, sport, art)
Physical: items you own (a bicycle, a phone, a laptop)
Human: people who help or support you (parents, teachers, coaches)
Time: the free time you have, which limits what you can do
Scarcity and Choice
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Scarcity: resources are limited, so there is not enough for everyone to have or do everything
Choices must be made by individuals, businesses and governments about how to use limited time, money and resources
Needs versus Wants
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Need: required for survival or essential (food, shelter, basic education, basic clothing)
Want: would like but can live without (a takeaway, a mansion, the latest fashion)
Watch the overlap: basic clothing is a need, branded or fashion clothing is a want. Needs and wants change through life
Financial Cost and Opportunity Cost
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Financial cost: the money you spend on the option you choose. Always include the € sign
Opportunity cost: the item you miss out on by choosing something else. Name the item, do not give a figure
Example: Mary spends €10 on the cinema instead of a meal. Financial cost €10, opportunity cost the meal
Opportunity cost also applies to businesses (advertise online not on TV) and governments (build housing not schools)
Positive Impacts of Consumer Choices
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Fairtrade: helps ensure workers and farmers are paid fairly
Shopping locally: buying Irish goods supports local businesses and jobs
Paying tax (VAT): funds public services like schools, hospitals and roads
Second-hand and re-using: conserves resources and reduces waste
Negative Impacts of Consumer Choices
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Pollution and waste: cheap or disposable goods increase waste
Fast fashion: cheap clothes thrown away quickly, harming the environment
Worker exploitation: cheap prices can mean child labour or poor conditions
Transport and the environment: imported goods travel far, increasing fuel use and pollution
Counterfeit goods: avoid tax and harm legitimate businesses
Top Tip: When explaining opportunity cost, always back it up with an example. The marking scheme expects one.
Top Tip: Put the € sign on a financial cost answer. Leaving it off loses the mark.
🎥 Watch each video, then test yourself in the other tabs.
Video 1: Your Personal Resources
The five types of resources and how scarcity forces us to make choices.
Video coming soon
Video 2: Needs versus Wants
Telling needs and wants apart, including the tricky borderline cases.
Video coming soon
Video 3: Financial Cost and Opportunity Cost
A walkthrough of the exam skill, using the Mary and Martin examples.
Video coming soon
Video 4: How Your Choices Impact Society
The positive and negative impacts of consumer choices on others and society.
Video coming soon
📚 Tap the card to reveal the answer, then mark yourself and move on.
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🧠 A mix of question styles. Answer each one to see how you are doing.
✍️ Past Junior Cycle questions tagged to this learning outcome. Tap a card to flip from the question to the solution.