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Chapter 11 Lesson 1 Vocabulary
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Competition
The contest between companies to win more business.
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Produce
to make something
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What are 3 products Ohio exports?
Chemicals, Rubber, Agricultural products, Trucks, Stone, and soybeans are a few.
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Export
To sell or trade goods to another country. For example; we export soybeans to China.
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Import
To buy goods from another country. For example, bananas or televisions could be imported from another country.
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Profit
The money a business has after costs such as tools, workers' pay and materials have been paid.
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Consume
To use a product.
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Free Enterprise System
People are free to own and run their own businesses.
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Demand
Is the number of people who want and are able to buy an item.
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Service
These are jobs people do to help others; nurse, waitress, doctor, teachers are examples.
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What are 3 products Ohio imports from other countries?
Coffee, Shoes, Leather, Lumber, Televisions, radios, and bananas are just a few examples.
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Supply
The amount of an item produced for sale.
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