Economy #2

When countries depend on each other to get the good and services they need, we call this

• export

• import

• specialization

• interdependency

When a good or service leaves an area or country:

• import

• export

• specialization

• interdependency

When a good or service is brought into a country or area:

• import

• export

• specialization

• interdependency

When a country or area makes a certain good or service:

• import

• export

• specialization

• interdependency

Ohio specializes in:

• coffee

• corn

• oranges

• bananas

Why would big businesses (Nike) choose to make a product in another country?

• There are not the right resources in our country to make the product.

• They are trying to help the other country make money.

• It is cheaper to make the product because labor costs are lower.

Do countries specialize?

• Yes
• No

Why does the United States need to import products?

• The US does not import products
• Some are easier and cheaper to make in other countries
• The US makes all of its own products

Import means

• buying goods from another country
• selling goods to another country
• only making one kind of product

Export means

• buying goods from another country
• selling goods to another country
• only making one kind of product