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Details

Ohio's Economy's
Chapter 11 Lesson 1
20
Economics
4th Grade
11/18/2010

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Cards

Term
competition
Definition

the contest between companies

to win more business

Term
construction
Definition
the building industry
Term
consume
Definition
to buy or use a good or service
Term
demand
Definition

the number of people who want

and are able to buy an item

Term
export
Definition
to sell products to another country
Term
free enterprise system
Definition

a system in which people are free

to own and run a business

Term
high technology
Definition

using the latest scientific ideas

and tools to make new products

or to provide services

Term
import
Definition
to buy goods from another country
Term
interdependent
Definition

relying on one another to meet

our needs and wants

Term
produce
Definition
to make a good for sale
Term
profit
Definition

the money a business has

afterpaying costs such as

tools and materials

Term
services
Definition
jobs people do to help others
Term
supply
Definition

the amount of an item

produced (made) for sale

Term
technology
Definition

the use of skills, ideas, and tools

to meet people's needs

Term

These are products

Ohio EXports

Definition

chemicals

rubber

agricultural products

trucks

stone

Term

These are products

Ohio IMports

Definition

coffee

sheoes and leather

lumber

bananas

televisions and radios

Term

The difference between

the manufacturing industry and

the service industry is that

the manufacturing industry . . .

Definition

. . . makes goods for sale

and the service industry

helps people.

Term

The difference between

the manufacturing industry and

the service industry is that

the service industry . . .

Definition

. . . the service industry

helps people and

the manufacturing industry

makes goods for sale.

Term

When there is a lot of an item

available for sale and

few people want to buy it,

what happens to the price?

Definition
The price goes down.
Term

When there is only a little

of an item available for sale

and a lot of people want it,

what happens to the price?

Definition
The price goes up.
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