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EC-903

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Term
Definition
Alternative resource   A resource that can be used in place of another  
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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  
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Baby boomers   A term used to refer to individuals who were born between the years 1946 and 1964  
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Capital goods   Manufactured or constructed items that are used to produce goods and services  
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Conserve   To slow down the use of something to make its supply last longer than it would otherwise  
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Consumer goods and services   Products produced for personal consumption  
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Demographics   Information used to describe a population  
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Economic resources   The human and natural resources and capital goods used to produce goods and services; also known as factors of production  
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Employee assistance program   A project organized and sponsored by a company to help its employees  
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Entrepreeurs   People who assume the risks of starting and operating business  
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Entrepreneurship   Starting and building a business  
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Factors of production   Productive resources; human and natural resources and capital goods; also known as economic resources  
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FInancial capital   Money needed to operate a business  
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Flextime   A scheduling procedure in which employees select their own working hours as long as they work the required number of hours  
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Fossil fuels   Nonrenewable, carbon-based energy sources formed underground from the fossilized remains of plants and animals  
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Generation-X   A term used to refer to individuals who were born between the years 1965 and 1980; also known as Gen X  
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Generation-Y   A term used to refer individuals who were born between the years 1981and 1980; also known as millennials  
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Human resources   People who work to produce goods and services  
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Inventory   Stock of goods  
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Just-in-time inventory   An inventory method in which goods are ordered so that they arrive when they are needed rather than being stockpiled  
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Natural resoucrss   Items that are found in nature and used to produce goods and services  
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Nonrenewable resources   Natural resources that may become entirely depleted; natural resources that cannot be replenished after use  
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Producers   The people who make or provide goods and services  
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Production   The economic process or activity of producing goods and services  
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Raw materials   Items in their natural state or condition  
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Resource owners   Those who provide human resources, natural resources, and capital goods in order for production to take place  
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Shared time   When two employees share the responsibility for one full-time position  
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Stockpiling   Maintaining a large inventory  
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Technology   Scientific applications to business objectives or the methods used to attain those objectives  
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Created by: maren.r142
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