RESOURCE MANAGEMENT
1. Consumer; is any person who buys goods and services to satisfy
personal need. For example, when you buy vegetables from market, you
become s consumer.
2. Producer; is any person or establishment that makes goods and services
for the consumer.
3. Production; it is the act or process of making something( product) for
example the process of making a wall hanging using left over pieces of fabric
4. Consumption; it is the use or expenditure of available goods and
services.
5. Money management; it is the process of controlling how money is used.
Money can be badly managed or wisely managed.
GOALS
A goal is an aim which one wants to achieve. Goals can be classified as long
term and short term.
A.SHORT TERM GOAL is a goal that can be achieved within a short period
of time. Example: cleaning your bedroom over the weekend.
B.LONG TERM GOAL is a goal that takes a long time to achieve. It needs to
be planned for carefully as it influences other resources such as money, time
and energy. For example planning to go overseas for further studies is a long
term goal which may even take two or even four years to plan before it is
realized.
IMPORTANCE OF DECISION MAKING PROCESS
a. Achieving personal goals brings satisfaction and sense of
accomplishment.
b. It enables one to think about future life and start planning about how they
can get to that future
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PLAN OF ACTION TO ACHIEVE PERSONAL GOALS:
Example: To pass Home Economics Examination with outstanding
performance, that is A grade Being SMART means your goal must be
Specific, Measurable, Attainable, Realistic and Time bound
S=Specific: Your specific goal should be to pass the Home Economics
Examination M=Measurable: measuring your examination result ,that is,
you want to get an A, and not a B,C,D or E.
A=Attainable: it is possible to achieve your goal if you work hard and study
hard.
R=Realistic: judging from your performance so far in Home Economics,
what you can do , do you think you can truly get an A grade.
T=Time bound: set time frame, that is, when do you think the goal will be
achieved.
The steps to follow to achieve your goal are:
STEP 1: Define the goal. Consider what you want to achieve. This could be
in many years to come or within fairly short period of time .Be specific you
state your goal , you can state the exact or grades you want to
achieve . This will help you decide on the direction to take and evaluate
your progress.
STEP 2: Design a plan of action. Once you have a specific goal, think about
the how, when, and what to do to achieve your goal .You also have to think
about the resources you will need. This way, you can then come up with an
action plan , that is a plan of the actions you should take for you to achieve
your goal .For the above example of the goal to excel in the Home
Economics
Examination , strategies that you can come up with may include some of the
following :
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a. Studying what was covered in the previous lesson before going for the
next lesson. If there is any aspect which is not clear to you, you ask your
teacher to explain it.
b. Collecting all the books which you need to study.
c. Writing short notes of every chapter to help you with the revision
d. Spending two or three hours every day studying
STEP 3: Put the plan into action here you start practicing the activities or
strategies you identified in your pan. Try to keep your plan as much as
possible. At the same time think of alternatives in case things do not go
according to your way. Be determined to achieve your goal. There may be
challenges on the way but you should remain focused on your goal.
STEP 4: Evaluate or review your progress regularly Check your progress
regularly. If you realize you are not making good progress, make some
changes in your plan of action. For example, if you score lower marks than
you expect, it means you need to take a look at the factors that are stopping
you from getting higher marks. It might be you need to increase the amount
of time you spend studying.
ADVERTISING
Advertising is promotion of goods and services for sale through various
media. Advertising can be done by means of a number of mediums like
television, newspapers, murals, billboards, magazines, internet, by word of
mouth and in many other ways.
ADVANTAGES OF ADVERTISEMENTS
a.It informs and educates consumers about products or services which are
available in the market.
b.It helps to attract new customers and keep old customers
c.It is used to announce a sale or any special offers.
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d.It helps to create interest among customers so that they end up buying
what is offered.
e.It helps to build and promote a product’s identity (its brand name)
f.It is also used to support a social cause.
DISADVANTAGES OF ADVERTISEMENTS
a. They leave out some information e. g health hazards of alcohol and
cigarettes
b. They promote impulsive buying ( buying what you do not really need)
c. Expenses paid for in advertising are usually passed on the consumer on to
the consumer and d.This make product unnecessarily expensive
e. Attractive packages and interesting packaging may lead the consumer’ s
attention away from the price and quality of the products
WAYS OF ADVERTISING PRODUCTS
1. Use famous people: your favorite sports person/ actor who uses a
specific product and recommends everyone to use it
2. Cartoon characters: often cartoons are used to sell products. Smaller
children find them irresistible
3. Radio: reaches larger population
4. Television: a popular way to reach a large
5. Internet/ web advertising: consumers buy goods on line
6. Direct email: consumers will see adverts from mail the recieve
7. Print advertising: the use of newspapers and magazines
8. Bill boards advertising: placed on high ways for passerby and motorists
to attract their attention
FAMILY RESOURCES
Family resources are the things that a family has for its maintenance or
upkeep.
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The family resources can be divided into two
a. HUMAN RESOURCES: these include knowledge, talents, skills, attitude,
health, time and energy, material resources such as housing, money and
investment and community resources such as library. The income a person
receives for their labor, knowledge or skills is also a resource.
b. NON- HUMAN RESOURCES (MATERIAL RESOURCES)
Non- human resources include things like money, time, buildings, land,
equipment, cars, roads and many others. They are the things that satisfy our
human needs and we work hard to meet most of them.
WAYS OF CONSERVING FAMILY RESOURCES
Conserving family resources is important because resources get finished.
Sometimes the resources are mismanaged, that is, they are not used the
way the way they are supposed to be used.
Below we describe the ways individuals and families can use to conserve
family resources.
a. PLAN A BUDGET: It is always difficult to save money for important
projects or future use because families these days they spend more.
One of the ways that can be used to save money is to create a budget
of the family needs and activities and then stick to it.
bBE ECONOMICAL WITH RESOURCES: Family members should try to
substitute less costly resources for the more expensive ones. For example, if
they have time, the family members or individual members can walk to the
nearby shops instead of driving. That way the family saves on petrol.
c.EXPLORE VARIOUS WAYS OF USING RESOURCES: Often times family
members do not realize the skills which some of the members have.
Sometimes it is even possible to learn new skills which will benefit the whole
family. For example, one member may learn some baking or sewing skills
then they can start producing items for sale.
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d.PROTECT THE RESOURCES: Family possessions should be kept in good
condition. Equipment should be repaired before it completely breaks down.
Replacing it will cost you more.
e. USE COMMUNITY RESOURCES EFFECIENTLY: Community resource
include things such as the public library, schools, halls, clinics, parks, game
reserves, soccer fields and many others. These are shared by all people who
live in the area. Community services are usually cheaper than private places.
For example, it is much cheaper to seek treatment at the local clinic than to
go to a private doctor
TEST YOURSELF
1. Give two ways in which goods can be advertised
2. State two advantages of advertising
3. Mpho wants to purchase a television set from a furniture dealer.
Describe any two methods of purchasing goods and services
4. State two reasons why it is important to survey the market before
buying goods and services
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5. State two effects of money mismanagement on the family
6. Explain one way of conserving each of the following family resources
a. Time
b. Electricity
7. Define the following terms
a. Income
b. Advertising
c. Money management
d. Consumption
e. Consumer
f. Producer
8. Explain the difference between consumption and production
Use the information below to answer the questions that follow. Bobo
earns a monthly salary of P1500. He also receives an extra P300 from
her neighbor for mowing lawn. He lives alone in a rented house and
use public transport to travel to work
a. Draw a budget for Bobo
9. During guidance and counseling lesson, the teacher emphased the
importance of setting goals. Students were encouraged to set their
goals and submit next lesson
a. Define goal
b. Explain two types of goals
c. Develop a smart goal
d. Explain four steps that can help you to develop a plan of action to
achieve your goal
10. Write down one example of a long term goal that is smart
11. List any two examples of family resources
12. State two effects of money mismanagement
13. Complete the table on advertising
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Type of advert Advantage Disadvantage
Newspaper If quality of paper used for
printing is not good, it affects
quality of pictures
Programs can be made for Divide attention since listeners do
specific consumers who are other things while listening to the
mostly likely to respond to radio
the offer
Website/ Provides access to
internet worldwide markets
14. Students received a leaflet with an advert on school uniforms
and stationeries and one of the decided to visit the shop to buy a pair
of school shoes that were advertised. She then came back without
having bought the shoes.
a. State any possible reason why she came back without buying shoes
b. State any two other forms of advertising
c. Name two classes of methods of purchasing goods and services
15. State two advantages of advertising
16. Discuss one disadvantage of internet as method of advertising
17. State two effects of money mismanagement to the family
18. State four examples of community resources
19. Describe ways of conserving family resources
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