FHCE 3000 Lecture Notes - Lecture 14: Opportunity Cost, Barter

• School: University of Georgia
• Department: Financial Planning, Housing and Consumer Economics
• Course: FHCE 3000
• Professor: Dr.Kabaci

Document Summary

Family and consumer sciences body of knowledge model. Basic human needs is at the center of these 3 things. A resource is any entity, tangible or intangible, that contributes to the ability of an individual or family to produce valued outputs. Being able to marry, and raise children. Peace, harmony, good relations in the family/community. Freedom of choice and action psychological well-being: Harmony (including a spiritual life and religious observance) Resources that are real, touchable, or capable of being appraised. The skills, talents, and abilities that people possess. Natural phenomena, such as fertile soil, petroleum, and rivers, and man-made items such as buildings, money, and computers. Resources are interdependent sometimes exchangeable reliant on the user"s ability to process information and make decisions can sometimes be stored for later use or barter. Affective feelings about resource use, like affection, gratitude. Knowledge aspects of resource use, influenced by past experience and learning. Economics - scarcity - choice and opportunity costs.