A resource that can be used in place of another.

A method of operating or controlling a process in which tasks are completed by automatic means, such as technology, reducing human effort and labor.

A term used to refer to individuals who were born between the years 1946 and 1964.

Manufactured or constructed items that are used to produce goods and service.

To slow down the use of something to make its supply last longer than it would otherwise.

Consumer goods and service

Products produced for personal consumption.

Information used to describe a population.

The human and natural resources and capital goods used to produce goods and service; also known as factors of production.

Employee assistance program

A project organized and sponsored by a company to help its employees.

People who assume the risks of starting or operating businesses.

Starting and building a business.

Factors of production

Productive resources; human and natural resources.

Money needed to operate a business.

A scheduling procedure in which employees select their own working hours as long as they work the required number of hours.

Nonrenewable, carbon- based energy sources formed underground from the fossilized remains of plants and animals.

A term used to refer to individuals who were born between the years 1965 and 1980; also known as Gen X.

A term used to refer to individuals who were born between the years 1981 and 1995; also known as millennials.

People who work to produce goods and service.

Just-in-time inventory

An inventory method in which goods are ordered so that they arrive when they are needed rather than being sotckpiled.

Items that are found in nature and used to produce goods and services.

Nonrenewable resources

Natural resources that may become entirely depleted; natural resources that cannot be replenished after use.

The people who make or provide goods and services.

The economic process or activity of producing goods and serivces.

Items in their natural state or condition.

Those who provide human resources, natural resources, and capital goods in order for production to take place.

When two employees share the responsibility for one full-time position.

Scientific applications to business objectives or the methods used to attain those objectives.

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2.02 Economic Goods

Objective 2.02

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 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 and 1964.
Capital goods	Manufactured or constructed items that are used to produce goods and service.
Conserve	To slow down the use of something to make its supply last longer than it would otherwise.
Consumer goods and service	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 service; 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 or operating businesses.
Entrepreneurship	Starting and building a business.
Factors of production	Productive resources; human and natural 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.
Generation X	A term used to refer to individuals who were born between the years 1965 and 1980; also known 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 service.
Investory	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 sotckpiled.
Natural resources	Items that are found in nature and used to produce goods and services.
Nonrenewable 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 serivces.
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 the responsibility for one full-time position.
Stockingpiling	Maintaining a large inventory.
Technology	Scientific applications to business objectives or the methods used to attain those objectives.

Created by: kristina.o008

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