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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 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 that 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 number of a 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 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 that 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 |
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