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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 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 organizes 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 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 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 |
| Production | The economic process or activity of producing good 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 | 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:
rut.z
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