Economy of the United States

The economy of the United States is the world's largest national economy and the world's second largest overall economy, the GDP (Gross Domestic Product) of the EU being approximately $2 trillion larger. The U.S. is one of the world's wealthiest nations, with abundant natural resources, a well-developed infrastructure, and high productivity. The U.S. is the world's third-largest producer of oil and second-largest producer of natural gas. It is the largest trading nation in the world. Its four largest export trading partners are as of 2011: Canada, China, Mexico and Japan.

The United States has a mixed economy and has maintained a stable 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 2010, the country remains the world's largest manufacturer, representing a fifth of the global manufacturing output. Of the world's 500 largest companies, 132 are headquartered in the United States. This is twice the total of any other country. The labor market in the United States has attracted immigrants from all over the world and its net migration rate is among the highest in the world. The U.S. is one of the top-performing economies in studies such as the Ease of Doing Business Index, the Global Competitiveness Report, and others. The United States is ranked first globally in the IT (Information Technology) industry competitiveness index.

About 60% of the global currency reserves have been invested in the United States dollar, while 24% have been invested in the euro. The country is one of the world's largest and most influential financial markets. The New York Stock Exchange (formally known as NYSE Euronext) is the world's largest stock exchange by market capitalization. Foreign investments made in the United States total almost $2.4 trillion, which is more than twice that of any other country. As of 2010, the European Union as a whole was the largest trading partner of the U.S., whereas Canada, China, and Mexico were the largest individual trading nations.

Overview

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 (приводить в исполнение) 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.

From its emergence as an independent nation, the United States has encouraged science and innovation. As a result, the United States has been the birthplace of Great Inventions, including items such as the airplane, internet, microchip, laser лазер, cellphone сотовый телефон, refrigerator, email, microwave, Personal Computer, LCD (Liquid Cristal Display) and LED (Light Emitting Diode) technology, air conditioning, supermarket, bar code штрих-код на продукции, electric motor, and many more.

The United States is rich in mineral resources and fertile farm soil, and it is fortunate to have a moderate climate. It also has extensive coastlines on both the Atlantic and Pacific Oceans, as well as on the Gulf залив of Mexico. Rivers flow from far within the continent and the Great Lakes – five large, inland lakes along the U.S. border with Canada provide additional shipping access. These extensive waterways have helped shape the country's economic growth over the years and helped bind America's 50 individual states together in a single economic unit.

The number of workers and, more importantly, their productivity help to determine the health of the U.S. economy. Throughout its history, the United States has experienced steady growth in the labor force, a phenomenon that is both cause and effect of almost constant economic expansion. Until shortly after World War I, most workers were immigrants from Europe, their immediate descendants потомки, or African Americans who were mostly slaves taken from Africa, or slave descendants.

Labor mobility has also been important to the capacity of the American economy to adapt to changing conditions. When immigrants flooded labor markets on the East Coast, many workers moved inland, often to farmland waiting to be tilled обрабатывать землю. Similarly, economic opportunities in industrial, northern cities attracted black Americans from southern farms in the first half of the 20th century, in what was known as the Great Migration.

In the United States, the corporation has emerged as an association of owners, known as stockholders, who form a business enterprise governed by a complex set of rules and customs. Brought on by the process of mass production, corporations, such as General Electric, have been instrumental in shaping the United States. Through the stock market, American banks and investors have grown their economy by investing and withdrawing capital from profitable corporations. Today in the era of globalization, American investors and corporations have influence all over the world. The American government is also included among the major investors in the American economy. Government investments have been directed towards public works, military-industrial contracts, and the financial industry.

Employment

There are approximately 154.4 million employed individuals in the US. Government is the largest employment sector with 22 million. Small businesses are the largest employer in the country representing 53% of US workers. The second largest share of employment belongs to large businesses that employ 38% of the US workforce.

The private sector employs 91% of Americans. Government accounts for 8% of all US workers. Over 99% of all employing organizations in the US are small businesses. The 30 million small businesses in the U.S. account for 64% of newly created jobs (those created minus those lost). Jobs in small businesses accounted for 70% of those created in the last decade.

Amongst large businesses, several of the largest companies and employers in the world are American companies. Amongst them are Walmart, the largest company and the largest private sector employer in the world, which employs 2.1 million people world-wide and 1.4 million in the US alone.