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B 202

EC-903

TermDefinition
Alternative Resources A resource of operating can be used in place of another
Automation A method of operating or controlling a process in which tasks are completed by automatic means, such as technology, reducing human effort and labor
Baby Boomers A term used to refer to individuals who were born between the years 1946 and 1964
Capital Goods Manufactured or constructed items that are used to produce goods and services
Consumer goods and services Products produced for personal consumption
Conserve To slow down the use to make last for longer periods of time
Demographics Info used to describe a population
Employee assistance program A project organized and sponsored by a company to help its employees
Entrepreneurs People who assume the risks of starting and operating businesses
Entrepreneurship Starting and building a business
Factors of production Productive resources; human and natural resources and capital goods; also know as economic resources
Financial capital Money needed to operate business
Flextime A scheduling procedure in which employees select their own working ours as long as they work the required number of hours
Fossil Fuels Non renewable, carbon-based energy sources formed underground from the fossilized remains of plants and animals
Gen X A term referred for those who where born between 1965 and 1980
Gen Y A term referred for those who where born between 1981 and 1995 also called millennials
Human resources People who work to produce goods and services
Inventory Stocks of goods
Just in time inventory An inventory method in which goods are are ordered so that they arrive when they ae needed rather that being stockpiled
Natural resources Items that are found in nature and used to produce goods and services
Non-renewable resources Natural resources that may become entirely depleted
Producers The people who make or provide goods and services
Production The economic process or activity of producing goods nd services
Raw material Items in their natural state or condition
Resources owners Those who provide human resources, natural resources, and capital goods in order for production to take places
Shared time When two employees share the responsibility for one full-time position
Stockpiling Maintaining a large inventory
Technology Scientific applications to business objective or the methods used to attain those objectives
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Created by: Josue.r991
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