ECONOMY of the USA


ECONOMY of the USA
The United States of America is one of the largest countries in the world. It has a developed free enterprise economy. It means that people are able to own capital and property and to run their own businesses for making profit. Most economic decisions in the country are made in the marketplace. Nearly 90 per cent of the goods and services produced in the country each year come from privately owned companies and firms.
Despite the fact that the United States has a free enterprise system, government’s role in the economy is so important that economists describe it as a mixed economy. It is an economic system that combines elements of public ownership of the means of production with private ownership, and elements of free enterprise with government participation and control.
The USA is a country with a highly developed economy. With only 5 per cent of the world’s population and about 6 per cent of its land area the USA produces 25 per cent of the world’s industrial products, agricultural goods, and services. It leads the capitalist world in industrial and agricultural production, leaving the other capitalist countries far behind.
The United States owes its high level of economic development to its great wealth of minerals and fertile farm soil, together with a moderate climate. The territory is extremely rich in such minerals as coal, oil, natural gas, iron ore and non-ferrous metals. They provide a solid base for modern industry.
The country has very powerful industries, advanced technologies, and science. The structural composition of the US industry shows a marked predominance of heavy industry, namely mining, chemical, metallurgy, machine-building, nuclear power and aeromissile industries. Electronic and electric engineering, transport, communication and machine-tool industries can be found almost in all large cities of the USA.
Agriculture is one of the most important sectors of the US economy. It accounts for about 3 per cent of the GNP. Farms are owned by the people who operate them and by business corporations. Farming is largely mechanized and scientifically controlled.
The dominant trend in American agriculture can be summerized in two words — increased productivity. Gross agricultural output has increased dramatically: 50 years ago a farmer fed 10 people; at present the average farmer feeds 75.
American agriculture produces more food products than any other capitalist country. Production of most crops substantially exceeds domestic needs, making the United States a leading exporter of food. About a fifth of the country’s territory is arable. The rainfall is not high, and irrigation is widely used there. The principal crops grown in the country are: corn, wheat, soy-beans, sugar-cane and sugar beets, sunflower, tobacco, hay, rice, cotton, oats, and barley.
The United States harvests a lot of vegetables such as tomatoes, potatoes and onions. Florida and California are famous for their fruit production. They grow oranges, lemons, tangerines and grapefruit. Strawberries, pears and apples are also produced in large quantities.
Animal husbandry is also developed in the country. Pastures occupy more than one-forth of the United States. The highlands in the West of the country are famous for their dairy and beef cattle breeding, pig raising, and sheep farming. Dairying is well developed, and milk, cheese, and butter production exceed domestic needs. Wool production, leather and textile industries are also developed there. Poultry-farming and vegetable growing are concentrated in the countryside near all the big cities.
free enterprise economy — економiка, що ґрунтується на вiльному пiдприємництвi
to own — мати, володiти
to run a business — вести діло, управляти пiдприємством
... for making profit — для отримання прибутку
goods and services — товари та послуги
despite — незважаючи на
mixed economy — змiшана економiка
public ownership — державна власнiсть
means of production — засоби виробництва
private ownership — приватна власнiсть
to owe smth to — бути зобов’язаним чимось комусь; завдячувати
fertile soil – родючі грунти
moderate climate — помiрний клiмат
iron ore — залiзна руда
non-ferrous metals — кольоровi метали
marked predominance — значна перевага
gross agricultural output — обсяг валової продукцiї с/г
domestic needs — внутрiшнi потреби
soy-beans — соя, соєвi боби
sugar-cane — цукрова тростина
pasture — пасовище
leather industry — шкiряна промисловiсть

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