Help
Options
Didn't know it?
click below
click below
Knew it?
click below
click below
Don't Know
Remaining cards (0)
Know
retry
shuffle
restart
0:00
Embed Code - If you would like this activity on your web page, copy the script below and paste it into your web page.
Normal Size Small Size show me how
Normal Size Small Size show me how
2.02 Economic Goods
and service-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 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 capital 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 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 of hours number |
| 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 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 they are needed rather than being stockpiled |
| 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 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 the 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:
user-1964968
Popular Business sets