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B202 Key Terms
Economic Resources
| Term | Definition |
|---|---|
| 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 automatics 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 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 personal consumptions |
| Demographics | Information used to describe a population |
| Economic resources | The human and natural resource and capital goods used to produce goods and services ;also knows as factors of production |
| Employee assistance program | A project organized and sponsored by a company to help its employees |
| Entrepreneurs | People who assume the risk f starting and operating business |
| Entrepreneurship | Start and building a business |
| Factors of production | Productive resources; human and natural resources and capital goods also know as economic recourses |
| Financial capital | Money needed to operate business |
| Flextime | A scheduling procedure in witch 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 in between the years of 1965 and 1980 |
| Generation Y; | A term to refer individuals who were born between the years 1981 and 1995 also knows as millennials |
| Human recourses | people who work to produce goods and services |
| Inventory | Stock of goods |
| Just-in-time inventory | An inventory method in witch good are orders so that they arrive when they are needed rather than being stocked |
| Natural recourses | Items that are found in nature and used to produce goods and services |
| Nonrenewable resources | Natural recourse that may become entirely depleted; natural recourses that cannot be replenished after use |
| Producers | The people who make or provide goods and services |
| Production | The economic process or activity producing good and services |
| Raw materials | Items in their natural state or condition |
| Resource owners | Those who provide human resources, natural recourses and capital goods in order to production to take place |
| Shared time | When two employees share the responsibility for once full-time position |
| Stockpiling | Maintaining a large inventory |
| Technology | Scientific applications to business objectives or the methods used to attain those objectives |
Created by:
madisyn.m837
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