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B 202 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 1954 |
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 for personal consumption |
demographics | information used to describe a population |
economic services | 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 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 individuals who were born 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 |