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B202 Key Terms
Economic Resources
| Question | Answer |
|---|---|
| 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 |
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nykeeia.j352
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