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Ohio’s Economy

Ohio’s Economy . Unit 4 Lesson 4. A Large Economy. Ohio has the 25 th largest economy in the world. 2004  produced more than $400 billion in goods and services Ohio’s economy is important to the industrial region of the northeaster United States. Geography and History.

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Ohio’s Economy

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  1. Ohio’s Economy Unit 4 Lesson 4

  2. A Large Economy • Ohio has the 25th largest economy in the world. • 2004  produced more than $400 billion in goods and services • Ohio’s economy is important to the industrial region of the northeaster United States

  3. Geography and History • Geography has an important effect on Ohio’s economy. • The state has, or is located near, large supplies of natural resources. • Water, coal, salt, important minerals • History has also shaped the state’s economy. • As the USA grew, many businesses moved to Ohio to be closer to new markets. • Industries have continued to come to Ohio because of its location near trade markets. • Markets  places to buy and sell goods

  4. Geography and History • During the 1800s, Ohio built many canals, roads, and railways. • Great Lakes & St. Lawrence Seaway connect Ohio with the Atlantic Ocean. • Goods can easily be shipped between the United States and other countries through Ohio. • excellent place for trade

  5. Working in Ohio • Like the economy of the United States, the economy of Ohio has changed greatly over time. • Some things have, though, stayed the same. • People still trade what they have for what they want or need.

  6. Entrepreneurs and Businesses • Throughout history, new businesses have usually been started by entrepreneurs. • Entrepreneurs  people who organize and run businesses • To start and run a business, an entrepreneur needs resources called factors of production. • factors of production = natural resources, labor, capital resources, and enterprise

  7. Entrepreneurs and Businesses • Labor is the work done by people to produce goods. • Capital resources = money, buildings, machines, and tools needed to run a business • Enterprise is the management of the natural resources, labor, and capital resources that a business has. • These factors are used to produce goods and services in an economy.

  8. Entrepreneurs and Businesses • Entrepreneurs try to make products that meet the demand of consumers. • Consumer  someone who pays money for goods and services • When entrepreneurs make goods or provide services, they take a risk (chance). • If consumers buy an entrepreneur’s goods or services, then the entrepreneur usually makes a profit. • However, if the goods or services offered are not bought by the consumers, then the entrepreneur’s resources are lost.

  9. A Variety of Industries • Ohio is the 3rd largest sources of manufactured goods in the United States. • Steel, motor vehicles, processed foods • Ohio ranks 2nd in the United States in steel manufacturing. • Ohio ranks 3rd in food processing – the cooking, canning, drying, and freezing of foods. • Ohio is also a leader in agriculture. • produce more eggs than any other state • produce more wool than any state east of the Mississippi River

  10. Ohio’s Economy Today • The United States has a free enterprise economy. • Free enterprise  a kind of economy in which people own and run their own businesses. • Under free enterprise, the government has limited control over businesses.

  11. Manufacturing and Services • Manufacturing has regained its strength in Ohio since the 1970s. • During the 1980s, some businesses from other countries chose to build offices and factories in Ohio. • More Ohioans work in the state’s service industries. • Tourism  the selling of goods and services to visitors • Tourists spent more than $25 billion in Ohio in 2008.

  12. Ohio and the World • Many of the products manufactured in Ohio are exports (goods sent for sale to other countries). • The state’s top exports are machinery and vehicles. • Jobs manufacturing these exports depend on the markets in other countries to which they are sent.

  13. Ohio and the World • Ohio also receives imports (goods from other countries). • Top imports to the United States include food, automobiles, and electronics. • Many imports are shipped to Ohio. • The countries that make imports depend on markets in Ohio and the United States. • Jobs related to the shipping of imports and exports depend on trade between countries = international trade.

  14. Ohio and the World • Trade creates interdependence between people in Ohio and other places. • interdependence  people in each place depend on the others for products and resources

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