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B202 Key Terms

Economic Reasourses

TermDefinition
Alternative resources a resource that can be used in place of another
automation a method of operating or controlling a process in which tasks are compeleted by 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
demographic information used to describe a population
economic resources the human and natural resoures and capital goods used to produce goods and services
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
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 remains of 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 know 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 stock of goods
just-in-time inventory an inventory method in which goods are ordered so that they arrive when needed rather than being stockpiled
Created by: andrew.e509
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