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

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

Country name United States15,517,926,000,00016,163,158,000,00016,768,053,000,00017,419,000,000,000 China7,492,432,097,8108,461,623,162,7149,490,602,600,14810,360,105,247,908 Japan5,905,632,338,0155,954,476,603,9624,919,563,108,3734,601,461,206,885 Germany3,751,876,563,8033,533,242,461,4673,730,260,571,3573,852,556,169,656 France2,862,502,085,0712,681,416,108,5372,810,249,215,5892,829,192,039,172 United Kingdom2,592,015,702,6122,614,946,487,6032,678,173,487,5572,941,885,537,461 Brazil2,615,189,973,1812,413,174,312,3972,392,094,501,2872,346,118,175,194 Italy2,278,089,102,0292,075,220,966,8282,136,948,255,8162,144,338,185,065 Russian Federation 1,904,793,932,4832,016,112,133,6452,079,024,782,9731,860,597,922,763 Canada1,788,796,361,7991,832,715,597,4321,838,964,175,4091,786,655,064,510 India1,835,814,449,5851,831,781,515,4721,861,801,615,4782,066,902,397,333 Australia1,388,066,356,0921,534,425,905,7631,560,372,473,1251,453,770,210,672 Spain1,494,505,143,1751,355,732,589,9691,393,040,177,0141,404,306,536,058 Korea, Rep.1,202,463,655,5101,222,807,167,4021,305,604,961,3931,410,382,943,973 Mexico1,171,187,518,6141,186,659,478,3401,262,248,825,5561,282,719,954,862

Why? 1.Natural resources 2.Skilled labor force 3.Stable political system

Free Enterprise Capitalism-private individuals own most of the resources, technology, and businesses –Can operate them for profit with little control from the government

Agriculture America supplies: –40% of world’s production of corn –20% of its cotton –10% of its wheat, cattle, hogs

Service Industry Any kind of economic activity that produces a service rather than a product –Ex: teacher, salesman, doctor, landscaper, consulting, barber, counseling

Diverse Society Nation of immigrants Heritage: –Europe-70% –Hispanic Americans-13% –African Americans-12% –Asian Americans-4% –Native Americans-1%

Language and Religion English-not official but most used –Spanish-2 nd most used Christianity-85% –Protestants-56% –Catholics-28% Religious freedom is key

American Life Today 80% of Americans live in cities High standard of living Low percentage of poverty and unemployment

Discussion Questions What economic needs may arise in the future in the US? What cultural needs may arise in the future in the US?