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Personal resources or personal means are things all consumers have and all should have the right to control. Everyone naturally has time in the life, which is used to develop skills. The combination of time and skills also create money, a third personal resource. At any point in time one will have limited means or personal resources and many needs and unlimited wants to satisfy with these means, creating consumer choice, although all personal means can be wasted or misused.
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There are three main types of personal resources or personal means.
- Time: In the life of any consumer there are only a set number of hours, minutes and seconds. Our time may be used to develop skills, earn money or directly to satisfy our needs and wants. Time is a factor of production used by producers and time management is the management of time to ensure it is used efficiently.
- Skills: All consumers have skills, abilities and talents of different levels in different fields. Used effectively, skills may improve time efficiency and earn money. Skills can be improved with education and training or through motivation. Without effort or motivation it is very easy for people to waste their skills.
- Money: Through time and skills used in labor, an income of money is usually earned. Money can also earn income itself in the form of interest from savings. Money is limited and scarce, much like resources are. Goods and services can be purchased with money to satisfy needs and wants, meaning money can contribute to the quality of life of a household or consumer within society.
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