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B202 Key Terms

Economic Resources

QuestionAnswer
Alternative resource A resour ce that can be used in place of another
Automation A method of operating or controlling a process in which task are comppleted by automatic means such as technology reducin human effort and labor
baby boomers a term used to refer to individuals who were born between the year 1946 and 1964
capital goods manufactured or constructed items that aer used to produce goods and services
conserve to slow down the use of something to make its supply last longer than it would otherwose
consumer goods and services products podued for personl consumption
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
entrepreneurs people who assume the risks of starting and operating businesses
entepreneurship starting and building a business
factors 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 scheduling procedure in hich employees select thire own working hours as long qas they work required number of hours
fossil fuels nonrenewable carbon based energy sources formed ubdergound 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 known as gen x
generation y a term used to refer to indivduals who were born between the yers 1981 and 1995 alson known as millennials
human resources people who work to produce goods and services
inventory stock of goods
just in time iventory an inventory method in which goods are ordered so that they arrive when they are needed rather than being stockpiled
natural resorces items that are found in nature and used to produce goods and services
nonrenewable resources natural resouces thst many becomes entirly depleted natural resources that cannot be replenished after use
producers the people whp make or provide goods services
production items in their natural state ofr condition
raw materials items in their natural state or condition
resource owners those who provide human resoures natural resources and capital goods in order for production to take place
shared time when two employees share the responsilbility for one full time position
stockpiling maining a large inventory
technology scientific applications to business objectives or the methods used to attain those objectives
Created by: nykeeia.j352
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