Sunday, August 1, 2010
A snapshot of U.S. economy
If anyone ask about the largest national economy in the world, the obvious answer will be United States Os America. During 2009 it was estimated that the nominal GDP of the nation will be fourteen trillion dollars. This GDP is three times of the GDP of Japan. In the terms of purchasing power it is larger than China. The output per person in the U.S. economy is very high. The history bears the proof that U.S. has always maintained such an economy which is having a stable rate of overall GDP growth. The main feature in the economy of U.S.A. lies in the factor that there exists the economic freedom which is afforded by the private sector. The private sector makes the majority of the economic decisions regarding the determination of the production of U.S. economy. The productivity of the workers of any nation determines the economic health of that particular nation. United States always had a steady growth in the labour force. Until World War I the labours immigrated from Europe than from the begin of the early 20th century the labours immigrated from Latin America. The workers from throughout the world come to U.S.A. with dream of high salary. US dollar is the unit of the U.S.A. currency. Currently it is the mostly used currency in the international transactions. Even many countries use it as its official currency and it is also used in many countries back their own currency with U.S. dollar reserves. U.S. dollar has maintained its position as the World's primary reserve currency.