Ch. 5-2 Economy and Culture of the United States Objective: Identify key components of the economy...
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Ch. 5-2 Economy and Culture of the United States
Objective: Identify key components of the economy and culture of the United States and predict future needs
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World’s Greatest Economic Power
• Largest economy in the world– World leader in
agricultural products, manufactured goods, and global trade
• 10% of world’s exports– Exports-goods sold to
another country
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Country name 2011 2012 2013 2014
United States 15,517,926,000,000 16,163,158,000,000 16,768,053,000,000 17,419,000,000,000
China 7,492,432,097,810 8,461,623,162,714 9,490,602,600,148 10,360,105,247,908
Japan 5,905,632,338,015 5,954,476,603,962 4,919,563,108,373 4,601,461,206,885
Germany 3,751,876,563,803 3,533,242,461,467 3,730,260,571,357 3,852,556,169,656
France 2,862,502,085,071 2,681,416,108,537 2,810,249,215,589 2,829,192,039,172
United Kingdom 2,592,015,702,612 2,614,946,487,603 2,678,173,487,557 2,941,885,537,461
Brazil 2,615,189,973,181 2,413,174,312,397 2,392,094,501,287 2,346,118,175,194
Italy 2,278,089,102,029 2,075,220,966,828 2,136,948,255,816 2,144,338,185,065
Russian Federation 1,904,793,932,483 2,016,112,133,645 2,079,024,782,973 1,860,597,922,763
Canada 1,788,796,361,799 1,832,715,597,432 1,838,964,175,409 1,786,655,064,510
India 1,835,814,449,585 1,831,781,515,472 1,861,801,615,478 2,066,902,397,333
Australia 1,388,066,356,092 1,534,425,905,763 1,560,372,473,125 1,453,770,210,672
Spain 1,494,505,143,175 1,355,732,589,969 1,393,040,177,014 1,404,306,536,058
Korea, Rep. 1,202,463,655,510 1,222,807,167,402 1,305,604,961,393 1,410,382,943,973
Mexico 1,171,187,518,614 1,186,659,478,340 1,262,248,825,556 1,282,719,954,862
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Why?
1. Natural resources
2. Skilled labor force
3. Stable political system
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Free Enterprise
• Capitalism-private individuals own most of the resources, technology, and businesses– Can operate them for profit with little control
from the government
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Agriculture
• America supplies:– 40% of world’s production of corn– 20% of its cotton– 10% of its wheat, cattle, hogs
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Service Industry
• Any kind of economic activity that produces a service rather than a product– Ex: teacher, salesman, doctor, landscaper,
consulting, barber, counseling
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Diverse Society
• Nation of immigrants
• Heritage:– Europe-70%– Hispanic Americans-13%– African Americans-12%– Asian Americans-4%– Native Americans-1%
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Language and Religion
• English-not official but most used– Spanish-2nd most used
• Christianity-85%– Protestants-56%– Catholics-28%
• Religious freedom is key
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American Life Today
• 80% of Americans live in cities
• High standard of living
• Low percentage of
poverty and
unemployment
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Discussion Questions
• What economic needs may arise in the future in the US?
• What cultural needs may arise in the future in the US?