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Social Studies

Chapter 11

Workers in Ohio lost their job for another reason. Strong competition
In business this is the contest between companies to win more business. competition
How Ohio's economy is based, which is a system in which people are free to own and run their own businesses. free enterprise system
Individuals decide what to make. produce
Buyers decide if they want to buy or use the products. consumer
Is the amount of an item produced for sale. supply
Number of people who want and are able to buy an item. demand
Is the money a business has after costs such as tools, workers' pay and materials have been paid. profit
Ohio factories lead the country in production of steal, plastic and Rubber
How many Ohioans work in the manufacturing industry? more than 1,000,000
Are jobs people do to help others, rather than make things. services
To sell or trade to another country. export
To buy goods from another country. import
The business of exporting and importing goods makes Ohio and many other countries. Interdependent
Created by: schmaltzla



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