Introduction
What percentage of the world's GDP does the US provide with less than 5% of the world's population?
24 %
The USA is the largest national economy in the world. Is that true?
Yes.
Name the currency and its coins
dollar and cent
What percentage of the country is arable land?
47%
Name the 4 major economic regions.
the North - Northeast; the Midwest; the South; the West;
What is the most characteristic core concept of the American economy?
economic freedom; it's market-oriented
What is the characteristic American attitude towards money?
Money means success; to earn your own money is important,
What sentence can you find on all bills and coins?
In God we trust
Give 3 characteristic features of US agriculture in general
large-scale farms; lots of machines; the world's largest GMO products producer
What are the 4 keywords of the US industry?
specialization; automatization; organization; mass production
Why is this core concept good for the economy?
It allows the flexibility of business decisions
The USA is the world's largest producer of oil and natural gas. Is that true or false?
True
Name the city and the street where the world's largest stock exchange is to be found!
New York - Wall Street
Name the 2 main agricultural areas and 3 major crops
Central Lowlands; the Great Plains;
corn; wheat; cotton; tobacco; rice; sugarcane;
Name the most important heavy industry branches - where can you find them?
motor industry; arms and military equipment production, electronics - the North-Northeast and the Midwest - the Great Lakes area
The country is a single economic unit. Why is this possible?
one language; one continent; rich in resources; extensive coastlines and waterways
How does the federal government influence the economy?
Through indirect means e.g. purchasing certain goods; implementing antitrust laws; providing welfare and unemployment benefits
On what levels are taxes imposed in the USA? Name two types.
state and federal
income; payroll; property; capital gains and dividends; corporate
Forestry is a special field as the country is the world's largest producer of timber. Name two types of wood that are produced.
softwood: fir and pine
hardwood: oak
Name the most important dynamic branches and where they are to be found.
microelectronics; information technology; space engineering; biotechnology - The North-Northeast; the West; space engineering - the South
How does the USA influence other economies of the world?
Through direct investments
There is a dark side to all this wealth. What is it?
a huge gap between rich and poor; a large number of people without medical insurance or regular income
What does FED do? Name two functions of it.
controls the supply of money
implements the USA's financial policy
Name 3 areas where oil and natural gas are to be found.
Alaska; California; the Gulf of Mexico; Luisiana
What are the most important fields of industry in the West? Where are they located?
mining and hydroelectric power production - in the Rocky Mountains;
microelectronics and IT in California