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B 202 key terms
Economic Resources
| Term | Definition |
|---|---|
| Alternative Resource | a resource that can be used in a place of another |
| Automation | a method of operating or controlling a process in which tasks are completed |
| 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 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 a business |
| Entrepreneurship | starting a and building a business |
| Factors of Production | Productive resources; human and natural resources and capital goods; also kwon as economic resources |
| Financial capital | money needed to run a business |
| flextime | a scheduling procedure in which employees select their own working hours as long as they work the required number of work 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 1995; also known as millennials |
| Human Resources | people who work to produce goods and services |
| Inventory | stocks 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 the or provide goods and services |
| Production | the economic process or activity of producing goods and services |
| Raw materials | items in there natural state |
| Resource owners | those who provide human resources, and capital goods in order for production to take place |
| shared time | when two employees share the repsonsibility for one full-time position |
| Stocking | maintaining a large inventory |
| Technology | Scientific applications to business objectives or methods used to attain those objectives |
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