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202 Economic Goods
Economic Goods and Services
| Question | Answer |
|---|---|
| Alternative resource | A resource that can be used in place of another |
| Automation | A method of operating or controlling a process in which takes 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 good 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 too 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 know as economic resources |
| Financial capital | Money needed to operate a business |
| Flextime 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 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 they are needed rather then 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 good 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 good 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 adjectives or the methods used to attain those adjectives |
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