Экономические науки/ 6.Маркетинг и менеджмент.

Vlasova I. A.

Khadzhynov D.K.

Simashko D.O.

Donetsk National University of Economics and Trade Named after Mikhailo Tugan-Baranovsky

ECONOMY OF THE UNITED STATES

The economy of the United States is the world's largest national economy. Its nominal GDP was estimated to be over $15 trillion in 2011, approximately a quarter of nominal global GDP. The European Union has a larger collective economy, but is not a single nation. Its GDP at purchasing power parity was also the largest in the world, approximately a fifth of global GDP at purchasing power parity. The U.S. economy also maintains a very high level of output. In 2011, it was estimated to have a per capita GDP (PPP) of $48,147, the 7th highest in the world, thus making U.S. one of the world's wealthiest nations. The U.S. is the largest trading nation in the world. Its three largest trading partners as of 2010 are Canada, China and Mexico.

The overall financial position of the United States as of 2009 includes $50.7 trillion of debt owed by US households, businesses, and governments, representing more than 3.5 times the annual gross domestic product of the United States. As of the first quarter of 2010, domestic financial assetsA totaled $131 trillion and domestic financial liabilities $106 trillion. Tangible assets in 2008 for selected sectorsB totaled an additional $56.3 trillion.

The United States is the world's largest manufacturer, with a 2009 industrial output of US$2.33 trillion. Its manufacturing output is greater than of Germany, France, India, and Brazil combined. Main industries include petroleum, steel, automobiles, construction machinery, aerospace, agricultural machinery, telecommunications, chemicals, electronics, food processing, consumer goods, lumber, and mining. The US leads the world in airplane manufacturing, which represents a large portion of US industrial output. American companies such as Boeing, Cessna, Lockheed Martin, and General Dynamics produce a vast majority of the world's civilian and military aircraft in factories stretching across the United States.

The manufacturing sector of the U.S. economy has experienced substantial job losses over the past several years. In January 2004, the number of such jobs stood at 14.3 million, down by 3.0 million jobs, or 17.5 percent, since July 2000 and about 5.2 million since the historical peak in 1979. Employment in manufacturing was its lowest since July 1950. The number of steel workers fell from 500,000 in 1980 to 224,000 in 2000.

The U.S. produces approximately 18% of the world's manufacturing output, a number that has declined as other nations developed competitive manufacturing industries. The job loss during this continual volume growth is the result of multiple factors including increased productivity, trade, and secular economic trends. In addition, growth in telecommunications, pharmaceuticals, aircraft, heavy machinery and other industries along with declines in low end, low skill industries such as clothing, toys, and other simple manufacturing have resulted in U.S. jobs being more highly skilled and better paying. There has been much debate within the United States on the decline in manufacturing jobs are related to American Unions and lower foreign wages. Agriculture is a major industry in the United States and the country is a net exporter of food. With vast tracts of temperate arable land, technologically advanced agribusiness, and agricultural subsidies, the United States controls almost half of world grain exports. Products include wheat, corn, other grains, fruits, vegetables, cotton; beef, pork, poultry, dairy products; forest products; fish.

The United States is the world's largest trading nation. There is a high amount of U.S. dollars in circulation all around the planet. The dollar is also used as the standard unit of currency in international markets for commodities such as gold and petroleum.

In 2010, U.S. exports amounted to $1.3 trillion and imports amounted to $1.9 trillion. Trade deficit was $634.9 billion. The deficit on petroleum products was $270 billion. The trade deficit with China was $273 billion, a new record and up from $304 million in 1983. The United States had a $168 billion surplus on trade in services, and $803 billion deficit on trade in goods in 2010. China has expanded its foreign exchange reserves, which included $1.6 trillion of U.S. securities as of 2009. U.S. workers send a third of all remittances in the world.

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 to maintain low inflation, high economic growth, and low unemployment. A relatively private central bank, known as the Federal Reserve, was formed in 1913 to provide a stable currency and monetary policy. Despite significant loss of value due to inflation , 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. The U.S. dollar has maintained its position as the world's primary reserve currency, although it is gradually being challenged in that role. Almost two-thirds of currency reserves held around the world are held in US dollars, compared to around 25% for the next most popular currency, the Euro. Rising US national debt and the related rise of China have led to some, especially the Chinese, to call for replacing the dollar as the world's reserved currency, but thus far this has been only speculation.

The dollar used gold standard and/or silver standard from 1785 until 1971, when it became a floating fiat currency because of problems experienced with attempting to fix prices of commodities.

The federal government's debt rose by almost $1.4 trillion in 2009, and now stands at $12.1 trillion. While the U.S. public debt is the world's largest in absolute size, another measure is its size relative to the nation's GDP. As of 2009 the debt was 83 percent of GDP. This debt, as a percent of GDP, is still less than the debt of Japan (192%) (the overwhelming number of owners of JGBs are Japanese) and roughly equivalent to those of a few western European nations.