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2.02B key term
Economic Resources
| Term | Definition |
|---|---|
| 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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