Which term describes the process of making an economic decision by considering both the advantages and the problems that might arise from the
decision?

Opportunity Cost

Explanation:

Opportunity cost is an economic term that simply says that when you make a purchase, you forego another alternative. Money, or the lack of it is usually the main reason for making the decision to make a decision to get one product and forego another one.

Therefore, it is the term that describes the process of making an economic decision by considering both the advantages and problems that may arise from the decision.

explanation:

with the profits from the european sales, merchants purchased europe's manufactured  goods, including tools and weapons. then the merchants shipped those manufactured  goods, along with the  american  sugar and rum, to west africa where they were bartered for  slaves.