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WHS PoBF 5.01B

LAP EC 14

TermDefinition
Alternative resource A resource that can be used in place of another
Automation A production method in which machines do tasks automatically
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 in the production of 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
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
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 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 found in nature that are 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 The use of two employees to 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: VNelsonWHS
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