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The Economy of the USA

The U.S.A is a highly developed industrial country. Its economy is based on free enterprise system. The nation’s gross domestic product (GDP) is about $6 trillion.

The U.S. has highly developed transport system: 6,200,000 km of streets and roads, 240,000 km of railroad lines. Airlines have 18 % of all passenger traffic and 1 % of the freight. 15 % of the freight traffic travels on waterway. The U.S. has 75 automobiles for every 100 people.

U.S. export includes aircraft, computers, plastic materials, metals and paper, corn and wheat. The leading imports are automobiles, clothing, shoes, toys, petroleum, iron, steel, paper, and medicines. Canada and Japan are the country’s chief trading partners. In 1993, Mexico, Canada and the U. S. signed the North American Free Trade Agreement.

The U.S. economy has faced problems from time to time. The problems include recession, depression and inflation.

The American economy had to be built from the ground up. What was achieved is amazing. By 1900, the U.S. has become the greatest industrial nation, and its citizens enjoyed the highest standard of living in the world. By the post-war era, the U.S. was producing 50 % of the “gross world product”.

Today, the American economy no longer dominates the world as it did then. But with 5 % of the world’s population and 6 % of its land area, the US still produces 25 % of the world’s industrial products, agricultural goods, and services. America has not dropped behind other nations: its gross national product (GNP) has tripled since the end of the WWII.

America remains the world leader in a great many. Among these are biochemical and genetic engineering, aerospace research, computer and information services. America’s private industries are doing quite well. American firms which sell passenger aircraft or computers retain the largest share of the world market. The best selling car in the world is a Ford (the Escort).

Foreign investments in the US amounted to $164 billion.

The US is also the world’s leading agricultural nation. It grows 20 % of all the world’s wheat, oats and sorghum. America not only feeds her own people but a great many other people in the world as well. The US is a world leader in agricultural production. About a third of the world’s food exports come from US farms. Beef cattle ranks as the most valuable product. There are 2,100,000 farms in the US.

Many reasons have been offered to explain why the US has been able to go from a small economy to the leading industrial nation. One reason is the size and the natural resources. The spirit of enterprise and initiative has certainly played an important role. The America system of government, too, has encouraged citizens to pursue their own economic interest. Typically American constant willingness to experiment and social and geographical mobility have also played a part. Many Americans prefer to be their own bosses. 10 million Americans own their own business, and 42 million own a part of business through stock.

Exercise 12. Answer the following questions on the text.

1. What is American economy based on? 2. What is its gross domestic product now? 3. What can you tell about the US transport system? 4. What does US export? 5. What problems has the US economy faced from time to time? 6. What success had the US achieved by 1900? 7. What branches does America remain the world leader in? 8. Is the USA a world leader in agricultural production as well? 9. What are the main reasons explaining why the US has been abe to go from a small economy to the leading industrial nation?

Exercise 13. Translate the following word-combinations.

national economy,free enterprise system, transport system, railroad lines, passenger traffic and freight, corn and wheat, chief trading partners, recession and inflation, from the ground up, the efforts of private business, the highest standard of living, to dominate the world, to retain the largest share, world’s leading producer, goods and services, gross world product, natural resources,most valuable product, spirit of enterprise, willingness to experiment, through stock

Task VI.Reproduce the topic in your own words.

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