NSG 4055 Project Locating Resources

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NSG 4055 Project Locating Resources

NSG 4055 Project Locating Resources

Locate a minimum of three community or national resources
for your illness group chosen in Week 1, preferably in your community. Study
these resources and write a report about them in a 4- to 5-page Microsoft Word
document. Include in your response all the information the patient should know
about them (the specific services they offer, fee schedules, if and when
appropriate, criteria for eligibility, and any other important information).
Discuss potential advantages and disadvantages for vulnerable populations in
seeking these resources.

Support your responses with examples.

On a separate references page, cite all sources using APA
format.

Use this APA Citation Helper as a convenient reference for
properly citing resources.

This handout will provide you the details of formatting your
essay using APA style.

You may create your essay in this APA-formatted template.

Resource allocation is the process in which a company decides where to allocate scarce resources for the production of goods or services. A resource can be considered a production factor that’s used to produce goods or services. Resources can be many things, including labour, machinery, technology, natural resources, real estate, financial resources, etc.

Resource Allocation is a management activity that’s closely related to strategic (resource) management. The value of resource allocation programmes is in meeting organisational objectives. The relationship between resources and strategy is a two-way street. The strategy determines which resources are required, but the availability of resources can also limit a strategy.

Production factors and Resource Allocation

We mentioned that resources are production factors. These production factors are scarce and are considered essential for all businesses. There are four production factors. These are land, labour, capital, and entrepreneurship. These inputs are essential for producing output. At a larger scale, you could say that production factors produce all goods and services within a nation’s economy. The sum of all goods and services is called the Gross Domestic Product (GDP).

Land as a production factor

Land as a production factor refers to all natural resources that are available to produce supplies. It includes untreated properties and everything that comes from the earth. This can also be non-renewable resources, such as oil and gold. Renewable resources, such as wood, are also part of the land production factor. When people change the condition or composition of land, it becomes a capital good. Crude oil is an example of a natural raw material, while petrol is a capital good as it has been refined. A grassy meadow in the Alps is a natural resource, but the adjacent farm is a capital good.

The income of this production factor, or the reward, is called land interest.

Labour as a production factor

Labour is the second production factor and encompasses all the work done by people. The value of the worker depends on their level of education, skills, and motivation. Productivity is also an important gauge for the success of labour. Productivity measures how much output is produced every hour.

The reward of the labour production factor is wages.

Capital as a production factor

Capital is the third production factor and includes all capital goods, such as machines, chemicals, equipment, and more that are used for the production of goods or services. There is a clear distinction between capital goods and consumable goods. Capital goods are intended to support production, while consumable goods are the output of the production process. Examples of capital goods are industrial or commercial buildings, or an airline’s aircraft. A private jet is usually not a capital good, since it isn’t used to produce a good or service.

The income that owners receive on capital goods is called interest.

Entrepreneurship as a production factor

Entrepreneurship is the final production factor that’s essential for the production of goods or services. Entrepreneurship is what drives people to turn an idea into a successful and profitable business. An entrepreneur combines the other three production factors and adds his own entrepreneurship to expand the supply of goods and services.

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The income entrepreneurs earn is called profit.

Scarcity

Scarcity refers to a foundational economic problem: the gap between scarce resources and the theoretically limitless needs and desires of consumers. The situation requires that people such as managers and entrepreneurs make choices about how to effectively allocate resources to supply as many consumers as possible with their basic needs, as well as as many additional desires as possible.

Money and time are prime examples of scarce resources. Most people have too little of one, too little of the other, or too little of both. An unemployed person has lots of time, but little money. A successful manager may be able to retire a little earlier than lower-level employees, but will have had little free time during their working life. People with lots of money and lots of time are rare.

In a hypothetical world in which every resource such as water, expertise, land and food was in abundance, economists would have nothing to study. It wouldn’t be necessary to decide how to allocate resources. Things work differently in the real world. Everything costs something. In other words, all resources and production factors are scarce to some degree.

Most resources are therefore scarce. This means society (as well as individual businesses) has to make decisions about what to produce and how.

Frequently used resources in business

The following types or resources are often used in business. The categories are derived from the Business Model Canvas.

Physical resources

Physical resources includes assets such as buildings, machines, vehicles, systems, distribution networks, and production facilities. Retailers in particular are highly dependent on physical resources. These are often capital intensive. Wal-Mart, for example, has a huge network of stores and related logistical infrastructure. Others have extensive IT solutions, warehouses, and logistical infrastructure.

Intellectual resources

Intellectual resources include brands, patents, copyrights, proprietary knowledge, and customer databases. These are becoming increasingly important components of a strong business model. Resources for intellectual property are hard to develop, but once developed, they offer significant value, usually. Companies like Microsoft and SAP are strongly reliant on knowledge and software for intellectual property.

Human Resources

Every company needs human resources, but some businesses rely on them more than others. Human resources are vitally important in creative or knowledge-intensive industries, for example. An average pharmaceutical company tends to rely strongly on human resources like highly-trained medical professionals. The business model of a company like this has an army of scientists and competent smart people at its core.

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