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Internet of Things (IoT) embodies a vision of merging heterogeneous objects to establish seamless interaction among physical and virtual entities. IoT has given the Internet a shift from connecting networks to interconnecting the physical world. The IoT devices are capable of sensing, processing, communicating and storing the data acquired from the physical world. Most of the applications of IoT are pervasive in nature, the pervasive IoT environment poses many challenges due to constrained resources in these miniature and unattended IoT devices. This paper presents a survey of physical and virtual resource management in IoT systems. The main focus of the paper is on resource management in pervasive IoT environment with limited resources. This paper also presents a use case of IoT based Body Area Network and proposes a model for resource management in personal and community healthcare.