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Arkansas State...
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State Economy
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The United States is one of the largest and most technologically
developed countries in the world. The Gross Domestic Product of the country in terms of purchasing
power parity of the country has reached at $12.36 trillion (2005 est.). |
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Arkansas Economy
Agriculture and Industry Services and Products Arkansas economy is a set of human and social activities and institutions related to the production, distribution, exchange and consumption of agriculture and industry goods and services. The balance between Arkansas various economic sectors differs largely between various regions and other states in the US.
Arkansas Agriculture and Industry
The state's total gross state product for 2003 was $76 billion. Its Per Capita Personal Income for 2003 was $24,384, 50th in the nation.
Arkansas Agriculture:
The state's agriculture outputs are poultry and eggs, soybeans, sorghum, cattle, cotton, rice, hogs, and milk.
While it was a major cotton-producing state in the 19th century, Arkansas has since diversified its agricultural production and its economy. The growing use of farm machinery led to the consolidation of many family-run farms into larger farming corporations. Arkansans learned in 1904 that rice could successfully be grown here, and it is now one of its most profitable crops. The livestock and dairy industries have also gained prominence in the last 90 years. Cotton is still an
important crop, but now ranks below soybeans and rice. Arkansas is also a leading producer of poultry, turkeys, dairy goods, and catfish.
Arkansas Industry:
Its industrial outputs are food processing, electric equipment, fabricated metal products, machinery, paper products, petroleum, bromine, and vanadium.
In recent years, automobile parts manufacturers have opened factories in eastern Arkansas to support auto plants in other states (though Arkansas does not yet have an auto plant itself, it is rumored to be a future site for a Toyota plant as well as for a truck plant to be built by Toyota's subsidiary Hino Motors).
Tourism is also very important to the Arkansas economy; the official state nickname "The Natural State" is prominently displayed in state tourism advertising.
The state's most important mineral products are petroleum, bromine and bromine compounds, and natural gas, and it is the nation's leading bauxite producer. Principal manufactures are food products, chemicals, lumber and paper goods, electrical equipment, furniture, automobile and airplane parts, and machinery.
The effect of Tyson Foods, Wal-Mart, J.B. Hunt and other multinational companies located in NW Arkansas cannot be understated. The area is currently in a long-running economic boom due to being the forefront of Global Trade. Wal-Mart alone accounts for $8.90 out of every $100 spent in US retail stores.
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State Economies
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A central feature of the US economy is a reliance on private decision-making
("economic freedom") in economic decision-making. This is enhanced by relatively low levels of
regulation, taxation, and government involvement, as well as a court system that generally protects
property rights and enforces contracts.
The US is rich in mineral resources and fertile farm soil. It also has extensive coastlines on
the Atlantic and Pacific Oceans, as well as on the Gulf of Mexico. Rivers flow from far within the
continent, and the Great Lakes along the US border with Canada - provide shipping access.
These waterways have helped shape the country's economic growth over the years and helped bind
America's 50 individual states together in a single economic unit. |
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