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B 202 key terms
Economic resources
| Term | Definition |
|---|---|
| Alternative resource | A resource that can be used inn place of another |
| Automation | A method of a 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 | Manufacture or constructed item that are used to produce goods and services |
| conserve | To slow down the used of something to make its supply last longer that 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 an services; also known as factors of production |
| Employee assistance program | A project organized and sponsored by a company to help its employees |
| Entrepreneur | people who assume the risk of stating and operating businesses |
| entrepreneurship | staring and building a business |
| Factors of production | Productive resources; human and natural resources and capital good; also know as economic resources |
| Financial capital | Money needed to operate a business |
| Flextime | A scheduling producer in which employees select their own working hours as long as they work require number hours |
| fossil fuel | Nonrenewable, carbon-based energy resources formed underground form the fossilized remains of plants and animals |
| Generation x | A term used to refer to individuals who used were born between the years 1965 and 1980; also known as gen x |
| Generation y | A term used to refer to individual who were born between the years 1981 and 1995 ; also known as gen y |
| 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 then 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 and services |
| Production | The economic process or activity of producing goods and services |
| raw materials | items in their natural state or condition |
| Resources owner | Those who provide human resources, natural resources, capital goods in order for production to take place |
| Shared time | When two employees share the responsibility for one full-time position order for production to take place |
| Stockpiling | Maintaining a large inventory |
| technology | scientific application to business objective or the methods used attain those objective |
Created by:
omart7
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