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B202 key terms
Economic resources
| Question | Answer |
|---|---|
| Alternative resources | A resources 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 a 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 |
| Employee assistance program | A project organize and sponsored by a company to help its employees |
| Entrepreneurs | People who assume the risk of starting and operating businesses |
| Entrepreneurship | Starting and build 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 1995 also known as millennials |
| Human resources | Popole 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 arrived 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 many 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 owners | Those who provide human resources natural resources and capital goods in the order for production to take place |
| Shared time | When two employees share to responsibility for one full time position |
| Stockpiling | Maintaining a large inventory |
| Technology | Scientific application to business objectives or the methods used to attain those objectives |
Created by:
jose.b629
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