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B 2.02
Economic Resources
| Term | Definition |
|---|---|
| Alternate resources | A resource that can be used in place of another |
| Autimation | A method of operating or controlling a process in which tasks are completed by automatic means |
| Baby boomers | A term used to refer to individuals who were born between 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 |
| Consumer goods and services | Products produced for personal consumption |
| Demographic | 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 factor 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 and building a business |
| Factors of production | Productive resources human and natural resources and capital goods also known as economic resources |
| Finical 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 resources formed underground from the fossilized remains of plants and animals |
| Gen X | A term used to refer individuals who were born between the years 1965 and 1980 are known as Gen X |
| Gen Y | A term used to refer individuals who were born between the years 1981 and 1995 are known as Gen X |
| 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 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 have become entirely depleted natural resources can not be replenished after use |
| Producers | The people who make or provide goods and services |
| Raw materials | Items in their natural sate or condition |
| Resource owners | Those who provide human resources natural resources and capital goods in order for production to take place |
| Shared time | When 2 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:
amare.m128
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