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2.02B key term

Economic Resources

TermDefinition
Alternative resource A resource that 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 year 1996 and 1964
Capital goods Manufactured or constructed items that are used to produce goods and services
Conserve To slow down use of something to make its supply last longer than it would otherwise
Consumer goods and service products produced for personal consumptions
Demographics information used to describe a population
Economic resources The human and natural resources and capital goods used to produce goods and services; also known as factors of production
Employee assistance program A project organize and sponsored by a company to help its employees
Entrepreneurs People who assume the risk of starting and operating businesses
Entrepreneurship Starting and building a business
Factor of production Productive resources; human and natural resources and capital goods; also known as economic resources
Financial capital Money needed to operate a business
Flextime A scheduling procedures in which employee select their own working hours as long as they work the required number of hours
Fossil fuels Nonrenewable, carbon-based energy sources formed underground from the fossilized remains of plants and animals
Generation X A term used to refer to individuals who were born between the years 1965 and 1980; also knowns gen X
Generation Y A term used to refer to individuals who were born between the years 1981 and 1995, also known as millennials
Human resources People who work to produces goods and services
Inventory stock of goods
Just-in-time inventory An inventory method in which goods and ordered so they arrive when they are needed rather than being stockpiled
Natural resources Items that are found in nature and used to produce goods and services
Nonrenewable resources Natural resources that may become entirely depleted; natural resources that cannot be replenish after use
Producers The people who make or provide goods and services
Production The economic process or activity of producing goods and services
Raw material Items in their natural state or condition
Resource owner Those who provide human resources, natural resources, and capital goods in order for production to take place
Shared time When two employee s share the responsibility for one full time posostion
Stockpiling Maintaining a large inventory
Technology Scientific application to business objectives or the methods used to attain those objectives
Created by: angel.c791
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