Ch. 5-2 Economy and Culture of the United States

Objective: Identify key components of the economy and culture of the United States and predict future needs

World’s Greatest Economic Power

• Largest economy in the world– World leader in

agricultural products, manufactured goods, and global trade

• 10% of world’s exports– Exports-goods sold to

another country

Country name 2011 2012 2013 2014

United States 15,517,926,000,000 16,163,158,000,000 16,768,053,000,000 17,419,000,000,000

China 7,492,432,097,810 8,461,623,162,714 9,490,602,600,148 10,360,105,247,908

Japan 5,905,632,338,015 5,954,476,603,962 4,919,563,108,373 4,601,461,206,885

Germany 3,751,876,563,803 3,533,242,461,467 3,730,260,571,357 3,852,556,169,656

France 2,862,502,085,071 2,681,416,108,537 2,810,249,215,589 2,829,192,039,172

United Kingdom 2,592,015,702,612 2,614,946,487,603 2,678,173,487,557 2,941,885,537,461

Brazil 2,615,189,973,181 2,413,174,312,397 2,392,094,501,287 2,346,118,175,194

Italy 2,278,089,102,029 2,075,220,966,828 2,136,948,255,816 2,144,338,185,065

Russian Federation 1,904,793,932,483 2,016,112,133,645 2,079,024,782,973 1,860,597,922,763

Canada 1,788,796,361,799 1,832,715,597,432 1,838,964,175,409 1,786,655,064,510

India 1,835,814,449,585 1,831,781,515,472 1,861,801,615,478 2,066,902,397,333

Australia 1,388,066,356,092 1,534,425,905,763 1,560,372,473,125 1,453,770,210,672

Spain 1,494,505,143,175 1,355,732,589,969 1,393,040,177,014 1,404,306,536,058

Korea, Rep. 1,202,463,655,510 1,222,807,167,402 1,305,604,961,393 1,410,382,943,973

Mexico 1,171,187,518,614 1,186,659,478,340 1,262,248,825,556 1,282,719,954,862

Why?

1. Natural resources

2. Skilled labor force

3. Stable political system

Free Enterprise

• Capitalism-private individuals own most of the resources, technology, and businesses– Can operate them for profit with little control

from the government

Agriculture

• America supplies:– 40% of world’s production of corn– 20% of its cotton– 10% of its wheat, cattle, hogs

Service Industry

• Any kind of economic activity that produces a service rather than a product– Ex: teacher, salesman, doctor, landscaper,

consulting, barber, counseling

Diverse Society

• Nation of immigrants

• Heritage:– Europe-70%– Hispanic Americans-13%– African Americans-12%– Asian Americans-4%– Native Americans-1%

Language and Religion

• English-not official but most used– Spanish-2nd most used

• Christianity-85%– Protestants-56%– Catholics-28%

• Religious freedom is key

American Life Today

• 80% of Americans live in cities

• High standard of living

• Low percentage of

poverty and

unemployment

Discussion Questions

• What economic needs may arise in the future in the US?

• What cultural needs may arise in the future in the US?