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B202 Key Terms
Economic Resources
| Question | Answer |
|---|---|
| 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 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 46 and 64 |
| 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 capitol 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 businesses |
| entrepreneurship | starting and building a business |
| factors of production | productive resources; human and natural resources and capitol 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 |
| gen x | a term used to refer to individuals who where born between 1965 and 1980 also known as gen x |
| gen 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 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 recourses | items that are found in nature and used to produce goods an services |
| nonrenewable recourses | 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, and capitol 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:
MerryDuluc
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