Business Vocabulary

4. Is the ability to produce more of a good that another producer with the same quantity of inputs.
7. The organization and coordination of the activities of a business in order to achieve defined objectives.
9. are people who launch and run their own businesses.
11. Making decisions based on intuition or hunches
12. refers to the obligation that individual or businesses have to help solve social problems.
13. is the study of how societies decide what produce, how to produce it, and how to distribute what they produce.
14. The government decides what goods and services are produced.
16. Private companies and individuals decide what to produce and what to consume.

1. Trade Consists of the exchange of goods and services by different countries.
2. Goods and services that are purchased abroad.
3. Making decisions based on factual information and logical reasoning
5. A leader presents group members with a problem situation, the leaders asks the group to write down their ideas rather than say them aloud. The papers are not signed. Members share their papers with others in the group, who then add their own comments. The leader then collects the papers and presents the best ideas to the group.
6. The loss associated with the best opportunity that is passed up.
8. A group of people come up with as many different ideas as possible to help solve a problem, without making judgments about those ideas.
10. Goods and services that are sold abroad.
15. refers to the fact that too few resources are available for everyone in the world to consume as much as he or she would like.