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B202 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 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 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 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 millennials |
| 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 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 or 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:
kimberly.a340
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