ECONOMY OF THE USA

1.the federal government does play an important part in the national economy. It provides services and goods that the market cannot provide effectively, such as national defense, public goods and services¹, assistance programs for low-income families², and interstate highways and airports

2.international trade increases the total level of production and consumption in the world, lowers the cost of production and prices, that consumers pay, and increases the living standard

3.The US economy is divided into four sectors.

4.The first sector provides goods that come directly from natural resources, The second sector includes manufacturing and the generation of electricity. The third sector, made up of commerce and services, The fourth major economic sector deals with recording, processing, and transmission⁵ of information, and includes the communication industry

5.The leading categories of the US manufactured goods are chemicals, industrial machinery, electronic equipment, processed foods, and transportation equipment.

6.the largest sector of the economy in terms of output and employment is the service and commerce sector

7.it serves the nation's largest urban, industrial, and population concentrations

8.the major mineral resourses of the usa are phosphate, gold, silver, iron ore, copper, lead, zinc, natural gas, and coal.

9.Petroleum production is third in the world, after Russia and Saudi Arabia

10.Agricultural output in the United States has historically been among the highest in the world, but it accounted for only 2 percent of annual GDP and employed only 3 percent of the workforce.

11.Cultivated farmland constitutes 19 percent of the land area of the country and makes the United States the world's richest agricultural nation.

12.Farmers in the United States not only produce enough food to feed the nation’s population, they also export more farm products than any other nation.

13.Cattle production, hog production, and chicken production are widespread throughout the United States

14.farms produce great quantities of agricultural output using small amounts of labor and land

Date: 2014-12-21; view: 1057