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B 202 Key Terms
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 years 1946 and 1964 |
| Capital Goods: | Manufactured or constructed items that are used to produce goods and services |
| Conserve: | To slow down the use of something to make it's 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 factors of production |
| Employee assistance program: | A project organized by a company to help its employees |
| Entrepreneurs: | People who assume the risks of starting and operating businesses |
| Entrepreneurship: | 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: | A scheduling procedure in which employees 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 known as Gen X |
| Generation Y: | A term used to refer to individuals who were born between the years 1981 and 199; also known as 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 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 replenished after use |
| Producers: | The people who make or provide goods |
| Production: | The economic process or activity of producing goods and services |
| Raw Materials: | Items in their natural state or condition |
| Resource Owners: | Those who provide human resources, natural resources, and capital goods in order for production to take place |
| Shared Time: | When two employees share the responsibility for one full-time position |
| Stockpiling: | Maintaining a large inventory |
| Technology: | Scientific applications to business objectives or the methods used to attain those objectives |
Created by:
KingZeke13
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