The fundamental concepts of IR are represented by (1) the capitals that an organization uses and affects, (2) the organization's business model, and (3) the creation of value over time. The business model is the vehicle through which an organization creates value. That value is embodied in the capitals—sometimes also referred to as resources and relationships—that the organization uses and affects. The assessment of an organization's ability to create value in the short, medium, and long term depends on an understanding of the connectivity between its business model and a wide range of internal and external factors (these factors represent the content elements of the integrated report, and will be discussed later in the chapter).