Summarise in your own word your understanding of resources and the Essay

Summarise in your own word your understanding of resources and the need to manage these appropriately - Essay Example On the other hand, from a wider ecological or biological perception, a resource gratifies the requirements of a given living organism (Bennet, 2014). The idea of resources can be applied in various realms comprising biology, economics, computer science, ecology, human resources and management. In addition, the concept can further be linked to such notions as sustainability, competition, stewardship and conservation. Within the broader human society, on-commercial or commercial factors need resource allocation via resource management (Moser, 2007). Consequently resources have 3 core features; limited availability, utility as well as potential for consumption or depletion. There have been various categorizations of resources such as abiotic versus biotic, on-renewable versus renewable as well as actual versus potential, alongside more sophisticated classification. In economics resources are described as assets or services that are utilized in the production of services and goods that satisfy human wants and needs. Economic can also be broadly described as the discipline that studies how a society is able to manage its scarce resources. Thus 3 classes of resources are identified in classical economics that comprise capital, labor and land, best known as factors of production. Resources must be managed effectively so as to enhance productivity, improve efficiency, as well as eliminate waste. Businesses and governments world over implement resource management solutions. With the right management solution; governments together with business will assist eradicate common problems related to poor planning of resources. Through effective standardization of the resource management procedures, governments and businesses can enhance visibility together with control leading to considerable advantages to any undertaking. Some of the core benefits that may result from effective