Meaning of Family Resource Sources

In economics, resource sources refer to the things used to produce goods and services needed to fulfill or satisfy human wants. No goods or services can be produced without resource sources. For example, land, machinery, labor, etc., are resource sources.

The supply of all these resource sources is limited. This means that resource sources are less than what humans want. Therefore, it is not possible to produce goods and services in the quantity desired by humans from these resource sources.

Economics studies how to provide maximum satisfaction to humans by properly using and managing limited resources and sources. 

Family resource sources can be divided into two parts as follows:

(a) Human Resource Sources: 

All the qualities possessed by humans, such as health, education, knowledge, ability, intelligence, skills, awareness, etc., are human resource sources. The household earns income or produces goods by using these family human resource sources in activities such as farming, animal husbandry, business, employment, etc.

(b) Non-Human Resource Sources: 

Non-human resources refer to physical resources, such as land, machinery, houses, etc. These resources can be seen, touched, and have a definite form and value. Non-human resources can be divided into two parts: natural and human-made:

1. Natural Resource Sources: All resource sources created by nature itself, or natural gifts, are called natural resource sources. The land owned by the household is a natural resource source. In developing countries like Nepal, a large number of people are involved in agriculture, so land and forests are major sources of income.

2. Human-Made Resource Sources: All resource sources made or created by humans are called human-made resource sources. These resource sources are also called artificial resource sources. For example, machinery, houses, vehicles, computers, etc., are human-made resource sources. These resource sources are also owned by the household. The household earns income or achieves satisfaction by producing goods and services using these resources.

Management of Family Resource Sources

All family resource sources are available in limited quantities, but human wants are unlimited. Therefore, the process of achieving maximum satisfaction by properly using all resource sources is called the management of family resource sources. 

The main subject of family economics is how to maximize family satisfaction or fulfill the unlimited wants and needs of family members from limited resources. If resources were unlimited or human wants were limited, the issue of resource management would not arise, or economics would not develop as a subject. Therefore, the management of resource sources is the main subject of economics.

Not only is the supply of resource sources limited, but they also have alternative uses and are interconnected. Resources can also be substituted for each other. For example, wood is a natural resource source. 

It can be used for various alternative purposes, such as making furniture or building houses. With proper and efficient management of resource sources, desired things or goals and a high standard of living can be achieved even with less expenditure and fewer resources. 

The following steps are involved in the management of resource sources:

(a) Planning: Planning is the first step in household management. This includes how to use resources to achieve family goals. For example, suppose a family plans to build a new house. When building the house, the family needs to plan how much to spend, where to get the money, how many floors to build, when the work will be completed, etc.

(b) Organizing: Organizing is another important step in household management. This involves dividing the family work into small parts and assigning responsibilities to family members. For example, in a house being built by the family, responsibilities are assigned for who will bring the materials and who will take care of the house, etc.

(c) Controlling: After planning, gathering resources, and assigning responsibilities, control is necessary to ensure that the work is done according to the plan. For example, if the house construction is not completed within the time specified in the plan, those responsible need to be made to work according to the plan.

(d) Evaluating: After any family work or plan is completed, evaluation is necessary to see if the work was done according to the plan. This helps in eliminating weaknesses and errors in the work.