Project 3 Terms

2. The ability of a business to produce a good or service at a lower opportunity cost than other producers
3. Body of law that governs rights and obligations of owning
4. Creations of the mind such as inventions
6. A general direction or pattern of change in how businesses operate, driven by shifts in technology, consumer behavior, economic conditions, and other factors
8. Exchange of goods, services, and capital between countries, involving both imports and exports
10. Body of law that governs the creation, enforcement, and interpretation of agreements between two or more parties
13. Goods and services brought into a country from another country
14. Analyzing information for both internal and external environments

1. Federal legal process that provides relief from debt
5. A firm or country can produce more of a good or service than a competitor using the same amount of resources or at a lower cost
7. Body of law governing the sale of goods and services
9. Body of law that addresses software
11. Body of legal rules and regulations that governs how governments at federal, state, and local levels assess, collect, and enforce taxes
12. Goods and services sent from a country to another country