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Economy in Usa

  • Date Submitted: 10/10/2012 10:42 PM
  • Flesch-Kincaid Score: 50.1 
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Economy in United States of America

      A way to measure a country’s economy is to look at its GDP (gross domestic product). This tells the total value of the goods and services that a country produces. The U.S. economy is one of the world’s wealthiest. The U.S. government does not set prices, tell businesses what to produce, or tell people where to work. These are qualities of a free enterprise/market economy. Business owners compete to sell goods without the government telling them what to do. The U.S. has the largest and most technologically powerful economy in the world, with a per capita GDP of $48,100. In this market-oriented economy, private individuals and business firms make most of the decisions, and the federal and state governments buy needed goods and services predominantly in the private marketplace. US business firms enjoy greater flexibility than their counterparts in Western Europe and Japan in decisions to expand capital plant, to lay off surplus workers, and to develop new products. At the same time, they face higher barriers to enter their rivals' home markets than foreign firms face entering US markets. US firms are at or near the forefront in technological advances, especially in computers and in medical, aerospace, and military equipment; their advantage has narrowed since the end of World War II. The economy of the United States is a mixed economy and has maintained a stable overall GDP growth rate, a moderate unemployment rate, and high levels of research and capital investment. It has been the world's largest national economy (not including colonial empires) since at least the 1890s.   As of 2012, the country remains the world's largest manufacturer, representing a fifth of the global manufacturing output. Of the world's 500 largest companies, 133 are headquartered in the United States. This is twice the total of any other country.


      A few factors influence the overall state of U.S. economy. The most important of them are:...

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