Introduction
- Money flow: Economies determine how the money flow within and between other countries. This shows how much spent and earned by countries and saved by the people and businesses.
- Jobs: A strong economy need employement to people ,so they can fulfill their needs for themself and their family. When business is going well more people get hired and it increase employement.It reduceses unemployement and help the country to do economic development.
- Trade: Economy needs international trade. Country buy and sell goods and service each other. Healthy economy country has more trade opportunities. These things economy boost growth and helps countries specialize in what they do best.
- Investments: Investors always pay attention on the healthy economy while putting there money. A robust economy signals stability and potential for growth, making it attractive for investments.
- Standard of Living:Economy also effect the quality of life which people living.A strong economy usually means people have more money to spend on things like housing, healthcare, and education, leading to an improved standard of living.
- Global Stability: global economy relies the stability and health of individual economy.If there is problem in one country economy it can affect the other countries too,leading to global economic crises or slowdowns.
- Government Policy: Economic policies set by governments influence the direction of economies. Policies like taxation, regulation, and spending can either stimulate or hinder economic growth.
United States.
- Gross Domestic Product (GDP):
United States having the biggest GDP in the world by counting there goods, products, minerals, resources and services they provied in there border.
As the [latest data] U.S.GDP is 28 trillion dollars and it make's them the world's biggest GDP in entire world.
- Consumer Spending:
Consumer spending drives a significant portion of the U.S. economy, fueled by a large and diverse population with substantial purchasing power.
The U.S market is most influential globaly, and impact industries globaly.
- Technology and Innovation:
The U.S. is the global leader in technology and innovation, with Silicon Valley serving as a hub for numerous tech giants and startups.
Innovation in sectors such as IT, biotechnology, and renewable energy contributes to the country's economic strength.
- Financial Markets:
Wall Street, centered in New York City, is a global financial powerhouse, hosting major stock exchanges and financial institutions.
The U.S. dollar is the international primary currency, further solidifying the country's economic influence.
- Manufacturing and Trade:
Despite facing competition from emerging economies, the U.S. remains a significant manufacturing hub, particularly in industries like aerospace, automotive, and pharmaceuticals.
International trade, facilitated by the country's extensive network of ports and trade agreements, plays a crucial role in the U.S. economy.
- Employment and Labor Market:
The U.S. labor force is large and diverse, with employment opportunities spanning various sectors and skill levels.
Unemployment rates and labor market trends are closely monitored indicators of the economy's health.
- Government Role and Policies:
Fiscal and monetary policies implemented by the U.S. government and the Federal Reserve influence economic growth, inflation, and employment.
Government spending, taxation, and regulatory policies impact businesses and consumers alike.
- Challenges and Opportunities:
While the U.S. economy boasts significant strengths, it also faces challenges such as income inequality, infrastructure deficiencies, and geopolitical tensions.
Addressing these challenges while capitalizing on opportunities for innovation and growth is essential for maintaining the country's economic leadership.
Difference between economic progress and economic development.
In ordinary sence economic progress as well as economic development , both the words show an increase, but there is low of difference between both of them. They are so follows:
On the basis of development process: Economic development is qualitative while economic progress in quantitative.Economic development is first stage,while economic
progress is a stage after economic development.
According to changes taking place in economy: On the basis of new researches in economic increases in production in economic development, Because of research in hybrid seeds in agriculture
sector, there has been many fold increase in agricuture production. This shows economic development. On the other side, when there is increase in agriculture production
because of increase In agriculture land , it is called iconomic progress.
India
National income (GDP) of india which was 87,36,039 crores in 2011-12 has increased to 1,35,67,192 crores in 2015-16 and in 2023-24 .
Structure of India economy:
Various occupation and economic activities are classified in three section (1) primary sector (2) Secondary sector (3) Service sector. This classification of economic activities are recognised as
commecial structure. All the three section and activities include in them may be discussed as follows:
Primary sector: Agriculture and agricuture related activities such as cattel rearing, cattel breeding, fishing, poultry farm collection of forest products,mining of raw metals etc. are include in primary sector section.
Secondary sector: Small and large scale industries, factories, construction, electricity, gas and water supply are included in this section. This section is also acknowledged as industries which includes production from small pin to gigantic
machine.
Service sector: Different types of service are included in this section. service like trade, communication, airway, waterway, education, health, banking and insurance,tourism and entartainment are include in this sector.