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B 202 Key Terms
Economic Resources
Term | Definition |
---|---|
Alternative resource | a resource that can be used in place of another |
Automatin | 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 its supply last longer than it would otherwise |
consumer goods and services | products produce 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 and sponsored by a company to help its employees |
entrepreneurs | people who assume the risk 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 |
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 |
generation X | a termed 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 1995; 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 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 |
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 larger inventory |
technology | scientific applications to business objectives or the methods use to attain those objectives |