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Describe the Two Broad Categories of Resources and Describe Each

question 105

Essay

Describe the two broad categories of resources and describe each one. Describe how resources can be a source of competitive advantage.


Definitions:

Gratified

Having given pleasure or satisfaction; in psychological terms, it often relates to the fulfillment of a desire or need.

Hereditary Component

The portion of an individual's traits or characteristics attributed to genetic inheritance from their biological parents.

Physiological Needs

Fundamental human requirements for sustaining life, including air, water, food, shelter, and sleep, critical for survival.

Safety Needs

As identified by Maslow, these are the second level of human needs in his hierarchy, including personal and financial security, health, and well-being, and protection against accidents or harm.

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