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B202 Key Terms
Economic Resources
| Question | Answer |
|---|---|
| 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 1946-1964 |
| capital goods | manufactured or constructed items that are used to produce goods and servicers |
| conserve | to slow down the use of of something to make its supply last longer than it would |
| 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 assistant program | a project organized and sponsored by a company to help its employees |
| entrepreneurs | people who assume the risk of starting and operating a business |
| entrepreneurship | starting and building a business |
| factors of production | productive resource 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 |
| generation X | a term used to refer to individuals who were born between the years of 1965 and 1980 |
| generation Y | a term used to refer to individuals who were born between the years of 1965 and 1980 |
| human resource | 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 to produce goods and services |
| non renewable 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 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:
MadisonTroub
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