Economy of USA

Economy of USA

• The United States is the world's largest national economy in nominal terms and second largest according to purchasing power parity (PPP), representing 22% of nominal global GDP and 17% of gross world product (GWP).

US Economy • The United States has a capitalist economy.

The country has steady economic growth, low unemployment and inflation, and a large trade deficit.

• The country has rich mineral resources, with many gold, oil, coal and uranium deposits. Farming makes the country among the top producers of, among others, corn (maize), wheat, sugar and tobacco. American produces cars, airplanes and electronics.

• Business culture• A central feature of the U.S. economy is the economic freedom

afforded to the private sector by allowing the private sector to make the majority of economic decisions in determining the direction and scale of what the U.S. economy produces. This is enhanced by relatively low levels of regulation and government involvement, as well as a court system that generally protects property rights and enforces contracts. Today, the United States is home to 29.6 million small businesses, 30% of the world's millionaires, 40% of the world's billionaires, as well as 139 of the world's 500 largest companies

GDP growth rates of United state

• The development of the United States' GDP according to World Bank:

Year 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008

%GDP 4.8 4.1 1.0 1.8 2.8 3.8 3.3 3.0 2.6 0.3

2009 2010 2011 2012 2013 2014 2015

-2.8 2.5 1.6 2.3 2.2 2.4 2.4

GDP per capital rate of USA from 1950 to 2015

Currency United States Dollar (USD) Fiscal year 1 October - 30 September

Trade organizations NAFTA (North American Free Trade Agreement), WTO( World Trade Organization), OECD (Organization for Economic Corporation and Development) and others Statistics

GDP (PPP)$18.56 trillion (2016 est.) GDP growth 2.9% (2016 est.)

GDP per capita $57,300 (2007 est.) GDP by sector

Agriculture (1.1%) Industry (19.4%) Services (79.5%)

Inflation (CPI) 1.3% (September 2016)

Labor force 158.6 million (August 2016)7.8 million unemployed(august 2016)

Labor force by occupation export of USA: $1.47 trillion (2016)

import of USA: $2.205 trillions (2016)

Unemployment 4.7% (May 2016) Main industries: Petroleum, Steel, Motor vehicles, Aerospace, Telecommunications, Chemicals, electronics, Food processing, Consumer goods, Lumber, Mining, Defense

May 1, 2023 IIPM 8

Poverty in USA

Poverty in USA

• The gap in income between rich and poor is greater in the United States than in any other developed country. Extreme poverty in the United States, meaning households living on less than $2 per day before government benefits. In 2013, child poverty reached record high levels, with 16.7 million children living in food insecure households, about 35% more than 2007 levels. As of 2015, 44 percent of children in the United States live with low-income families.

• There were about 643,000 sheltered and unsheltered homeless persons in the U.S. on a single night in January 2009. Almost two-thirds stayed in an emergency shelter or transitional housing program and the other third were living on the street..

• The living standards for the poor in the United States are also among the highest in the world.

Currency and central bank

Currency and central bank

• The United States dollar is the unit of currency of the United States. The U.S. dollar is the currency most used in international transactions. Several countries use it as their official currency, and in many others it is the de facto currency.

• The federal government attempts to use both monetary policy and fiscal policy (taxes and spending) to maintain low inflation, high economic growth, and low unemployment. The U.S. dollar has been regarded as one of the more stable currencies in the world and many nations back their own currency with U.S. dollar reserves.

Agriculture in USA

Agriculture in USA• Agriculture is a major industry in the United

States, which is a net exporter of food. As of the 2007 census of agriculture, there were 2.2 million farms, covering an area of 922 million acres (3,730,000 km2)…

• In 1870, almost 50 percent of the US population was employed in agriculture. As of 2008, less than 2 percent of the population is directly employed in agriculture.

• In 2012, there were 3.2 million farmers, ranchers and other agricultural managers and an estimated 757,900 agricultural workers were legally employed in the US. The median pay was $9.12 per hour or $18,970 per year.

Standard of living

Standard of living• The standard of living in the United States is

high by the standards that most economists use, and for many decades throughout the 20th century, the United States was recognized as having the highest standard of living in the world.

• In the United Nations Human Development Index, which measures health, education, and per capita income levels, the United States is relatively high, currently ranking 8th.

• However, the Human Development Index is not considered a measure of living standards, but a measure of potential living standards were there no inequality.