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B202 Key Terms
Economic Resources
| 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 other wise |
| Consumer good 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 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 milenneals |
| Human resources | People who work to produce goods and services |
| Inventory | Stocks 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 goods and services |
| Production | The economic process or activity of producing goods and services |
| Raw materials | Item 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:
tanaja.l542
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