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B202 key terms
Economic Resources
| Question | Answer |
|---|---|
| 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 1946 and 1964 |
| Capital goods | Manufactured or constructed items that are used to produce good and services |
| Conservie | To slow down that use of something to make its supply last longer than it would otherwise |
| Consumer goods and services | Products produced for personal consumption |
| Demographics resources | The human and natural resources and capital goods used to produce goods and services; also known as factors of production |
| Demographics | Information used to describe a population |
| Economic reasource | the human and natural resources and capital goods used to prduce goods and services; aslo known as factors of production |
| Employee assistance program | A project organized and sponsored by a company to help its employees |
| Entrepreneurs | People who assume the risks of starting and operating businesses |
| Entrepreneurship | Starting and bulding a business |
| Factors of productin | Prouductive resources; human and natural resources and capital goods; also known as economic resources |
| Finanical capital | Money needed to operate a business |
| Flextime | A scheduling procedure in which employees select their own working hours as long as 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 known as Gen X |
| Generation Y | A term use to refer to indivduals who were born between the years 1981 and 1995; also known as millennials |
| Human Resources | People who work to prouduce 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 |
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