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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 a 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 foe 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 business |
| 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 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 good |
| just in time | 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 becomes 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 resource and capital goods in order for production to take place |
| shared time | when two employees share the responsibility for one fulltime position |
| stockpiling | maintaining a large inventory |
| technology | scientific applications to business objectives or the methods used to attain those objectives |
Created by:
Alzyion.s506
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