Locations and Resources are a two-tier system to keep track of where and what is being used within an Event.
What is a Location? - A Location is the place where an Event is being run. Example: A Conference Centre.
What is a Resource? - A Resource is the thing that is being used during an Event. Example: A Room within the Conference Centre.
Why do I need two options? - In many cases, BookingLive customers tend to have their Locations and Resources set up as the same thing.
You can assign multiple Resources to a single Location, but you will require at least 1 Location and Resource to be able to set up Events.