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B202 Key Terms

Economic Resources

QuestionAnswer
Alternative resource A resource that an 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 individual 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 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 risk 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 know 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 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 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 or the methods used to attain those objectives.
Created by: anye
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