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Chapter Seven: The Structure of the United States Economy.

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Presentation on theme: "Chapter Seven: The Structure of the United States Economy."— Presentation transcript:

1 Chapter Seven: The Structure of the United States Economy

2 The Primary Sector in the United States

3 Table 7.1 Value Added by Output Sector in the United States, 2011, billions of dollars IndustryValue AddedPercent of GDP Primary Sector Agriculture, forestry, and fishing173.51.2 Mining289.91.9 Primary Sector Total463.43.1 Secondary Sector Utilities297.92.0 Construction529.53.5 Durable goods manufacturing910.16.0 Nondurable goods manufacturing821.35.4 Secondary Sector Total2,558.917.0 Tertiary Sector Wholesale trade845.15.6 Retail trade905.76.0 Transportation and warehousing447.93.0 Information646.64.3 Finance and insurance1,159.37.7 Real estate and rental and leasing a 1,898.812.6 Professional, scientific, and technical services1,151.57.6 Management of companies and enterprises283.61.9 Administrative and waste management448.83.0 Educational services174.21.2 Health care and social assistance1,136.97.5 Arts, entertainment, and recreation148.01.0 Accommodation and food services443.12.9 Tertiary Sector Total9,689.564.3 GDP Attributed to Government1,993.813.2 Economy Total15,075.7 b 100.0 b Source: U.S. Bureau of Economic Analysis, Survey of Current Business, 2011.

4 Farm & agribusinessFood processingPackagingTransportation Retail tradeFood servicesEnergyFinance & insurance Other 3.8¢ 4.4¢ 6.8¢ 33.7¢13.6¢18.6¢11.6¢ 4.0¢3.5¢ Figure 7.1: The Allocation of a Dollar Spent on Food in the United States Source: Canning, Patrick, “A Revised and Expanded Food Dollar Series: A Better Understanding of Our Food Costs,” U.S. Department of Agriculture, Economic Research Report No. (ERR-114), February 2011.

5 Figure 7.2: Energy Consumption in the United States, by Energy Source, 2012 Source: Monthly Energy Review, United States Energy Information Administration, February 25, 2013.

6 The Secondary (Industrial) Sector in the United States

7 Figure 7.3: Annual Number of Private Housing Starts in the United Sates, 1965-2012 Sources: Various editions of the Statistical Abstract of the United States; U.S. Census Bureau, “New Residential Construction in January 2013,” press release, February 20, 2013.

8 Industry 2011 Value Added (billions of dollars) 2012 Employment (thousands) Durable Goods Industries Computers and electronics1321,087 Fabricated metals1221,424 Furniture26351 Machinery1321,101 Transportation equipment771,477 Other durable goods4212,054 Durable Goods Total9108,675 Nondurable Goods Industries Chemical products254787 Food, beverages, and tobacco2151,466 Paper products53377 Petroleum and coal products169115 Textiles, apparel, and leather products30268 Other nondurable goods1001,444 Nondurable Goods Total8214,457 Table 7.2: Manufacturing Industries in the United States, Production and Employment Sources: U.S. Bureau of Economic Analysis, Value Added by Industry database, November 13, 2012; U.S. Bureau of Labor Statistics, “Current Employment Statistics,” table B-1a, March 8, 2013.

9 Percent of All Employees in Manufacturing Manufacturing Employees (Millions) Figure 7.4: Total U.S. Manufacturing Employment an Manufacturing Employment as a Percentage of Total Employment, 1947-2010 Source: Various editions of the Statistical Abstract of the United States.

10 The Tertiary (Service Sector)

11 Figure 7.5: Four-Firm Concentration Ratios in Retail Industries, 1992-2007 Source: Economic Census publications, United States Census Bureau

12 Finance, insurance, and real estate Finance and insurance only Figure 7.6 Value Added in Finance, Insurance an Real Estate, as a Percentage of GDP Source: U.S. Bureau of Economic Analysis online database, GDP-by-industry

13 Financial Business Households and Nonprofits Nonfinancial Business Figure 7.7: U.S. Debt Ratios Relative to GDP, 1947-2012 Source: Federal Reserve Flow of Funds, data download program

14 Total Expenditures: Out-of-Pocket, Private Insurance, and Public Out-of-Pocket and Private Insurance Out-of-Pocket Only Figure 7.8: Health Care Expenditures in the United States as a Percentage of GDP, 1960-2011 Source: Various editions of the Statistical Abstract of the United States

15 Appendix

16 Secondary Sector (19.6%) Primary Sector (3.5%) Tertiary Sector (76.9%) Ownership Transactions (31.3%) Managing the System (28.2%) Private Social Services (12.9%) Entertainment (4.5%) Figure 7.9: Classification of Private GDP in the United States, 2011

17 Tertiary Secondary Primary Figure 7.10: Relative Shares of the United States Economic Production, by Output Sector, 1800-2011 Sources: Historical Statistics of the United States, 1789–1945, U.S. Census Bureau, 1949 (1800–1938); Historical Statistics of the United States, Bicentennial Edition, Colonial Times to 1970, U.S. Census Bureau, 1975 (1947–1968); various annual editions of the Statistical Abstract of the United States, U.S. Census Bureau (1969–2011)

18 CountryAgricultural Sector (%)Industrial Sector (%)Tertiary Sector (%) Congo, Rep.47521 Indonesia154738 Saudi Arabia26038 Ethiopia471043 China104743 Bangladesh192853 India182755 Norway24058 Argentina103159 Russian Federation43561 Mexico43561 Brazil52867 South Africa23167 Germany12871 Japan12771 Sweden22672 United Kingdom12278 United States12079 Table 7.3: Division of GDP by Output Sector, Selected Countries Source: World Bank, World Development Indicators database.

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