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NOTES: RESOURCES

1. Resources are the life blood of any economic activity. “Anything or means (physical tangible/ non-
physical-tangible) required or required to support the activities of organization to achieve
predetermined organizational goals are referred as Resources.

2. Planning out effective “Resource Mobilization”.

(a) Evaluate and judge the need for resource.
(b) Identify the type of resource required.
(c) Locate the availability of resource.
(d) Effective communication with the suppliers of resources.
(e) Evaluate the quality and quantity of resources required
(f) Identify problems pertaining to mobilization of resources.
g) Arrange funds for acquisition of resources.
(h) Plan out inventory management for the procured resources.
3. Basic Resources are: (a) Land (b) Labour (c) Capital.

4. Other Resources vary from enterprise to enterprise, but commonly comprise of:
(a) Entrepreneurship (b) Energy
(c) Expertise (d) Information
(e) Management (f) Machines
(g) Materials and Methods
5. The requirement of resources depends upon:
(a) Nature of activity (b) Size of activity
(c) Product specification (d) Type of business activity
6. Business resources can be grouped as:
(a) Physical (b) Material