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B 202 EC-903

Business Essentials

Alternative resource A resource that can be used in place of another
Automation A method 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 1946 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 services Products produced for personal 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 factor of production
Employee assistance program A project organized and sponsored by a company to help its employees
Entrepreneurs People who assume the risk of starting and operating business
Entrepreneurship Staring and building a business
Factors of production Productive resources; and human natural resources and capital goods; also known as economic resources
Financial capital Money needed to operate a business
Flextime A scheduling procedure in which employees select their own working hours as long as they work their required number of hours
Fossil fuels Nonrenewable, carbon based energy sources formed underground from the 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 individuals who were born between the years of 1981 and 1995; also known millennials
Human resources People who work to produce goods and services
Inventory Stock of goods
Just-in-time inventory An Inventory method in which goods are ordered so that they arrive when they are needed rather than being stockpiled
Natural recourses The people who make or provide goods and services
Production The economic process or activity of producing goods and services
Raw materials Items in their natural state or condition
Shared time When two employees share the responsibility for one full- time position
Stock piling Maintaining a large inventory
Technology Scientific applications to business objectives or methods used to attain those objectives
Created by: Pablo-
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