Economic Systems Project

Student Name

My Country

United States

BackgroundRecognized as a new nation

following the Treaty of Paris in 1783During the 19th and 20th centuries, 37

new states were added to the original 13

The economy is marked by steady growth, low unemployment and inflation, and rapid advances in technology

GeographyLocation – North America, bordering both

the North Atlantic Ocean and the North Pacific Ocean, between Canada and Mexico

Total Area – 9,826,630 sq kmClimate - mostly temperate, but tropical in

Hawaii and Florida, arctic in Alaska, semiarid in the great plains west of the Mississippi River, and arid in the Great Basin of the southwest

PeoplePopulation – 303,824,640 Life expectancy at birth (total

population) – 78.14 yearsEthnic groups - white 79.96%,

black 12.85%, Asian 4.43%, Amerindian and Alaska native 0.97%, native Hawaiian and other Pacific islander 0.18%, two or more races 1.61%

Government

Type - Constitution-based federal republic; strong democratic tradition

Capital – Washington, DCAdministrative divisions –

50 states and 1 district

Economy OverviewThe largest and most

technologically powerful economy in the world

Private individuals and business firms make most of the decisions

Federal and state governments buy needed goods and services predominantly in the private marketplace

EconomyGDP – per capita - $45,800Labor force – 153.1 millionLabor force – by occupation -

farming, forestry, and fishing 0.6%, manufacturing, extraction, transportation, and crafts 22.6%, managerial, professional, and technical 35.5%, sales and office 24.8%, other services 16.5%

Economy

Unemployment rate – 4.6%Population below poverty

line – 12%Inflation rate – 2.9%

Economy

Budget revenues - $2.568 trillion

Budget expenditures - $2.73 trillion

Public debt – 60.8%

EconomyOil production – 7.46 million

bbl/dayOil consumption – 20.8 million

bbl/dayOil exports – 1.048 million

bbl/dayOil imports – 13.15 million

bbl/day

Economy Exports - $1.148 trillion f.o.b. Exports commodities - agricultural products

(soybeans, fruit, corn) 9.2%, industrial supplies (organic chemicals) 26.8%, capital goods (transistors, aircraft, motor vehicle parts, computers, telecommunications equipment) 49.0%, consumer goods (automobiles, medicines) 15.0%

Exports partners - Canada 21.4%, Mexico 11.7%, China 5.6%, Japan 5.4%, UK 4.3%, Germany 4.3%

Economy Imports - $1.968 trillion f.o.b. Imports commodities - agricultural products

4.9%, industrial supplies 32.9% (crude oil 8.2%), capital goods 30.4% (computers, telecommunications equipment, motor vehicle parts, office machines, electric power machinery), consumer goods 31.8% (automobiles, clothing, medicines, furniture, toys)

Imports partners - China 16.9%, Canada 15.7%, Mexico 10.6%, Japan 7.4%, Germany 4.8%

CommunicationsTelephones – main lines in use –

163.2 millionTelephones – mobile cellular –

255 millionTelephone system general

assessment – a large, technologically advanced, multipurpose communications system

Transportation

Airports – 14,947Railways (total) –

226,612kmRoadways (total) –

6,430,366km

MilitaryMilitary branches - US Army, US Navy

(includes Marine Corps), US Air Force, US Coast Guard; note - Coast Guard administered in peacetime by the Department of Homeland Security, but in wartime reports to the Department of the Navy

Military service age and obligation - 18 years of age; 17 years of age with written parental consent

Military expenditures – 4.06% of GDP

Three Good Things

Strong democratic traditionThe largest and most

technologically powerful economy in the world

Lots of roadways

Three Bad ThingsBudget expenditures are more

than budget revenues (deficit spending)

Consume 20.8 million barrels of oil per day, only produce 7.46 million barrels per day

World’s largest consumer of cocaine

Other Country

The other country I looked at was – Brazil

The other student I worked with was – Bob Smith

Three Good Things

Strong democratic traditionThe largest and most

technologically powerful economy in the world

Lots of roadways

Three Bad ThingsBudget expenditures are more

than budget revenues (deficit spending)

Consume 20.8 million barrels of oil per day, only produce 7.46 million barrels per day

World’s largest consumer of cocaine