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Colorado 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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Colorado Economy
Agriculture and Industry Services and Products Colorado 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 Colorado various economic sectors differs largely between various regions and other states in the US.
Colorado Agriculture and Industry
The Bureau of Economic Analysis estimates that the total state product in 2003 was $187 billion. Per capital personal income in 2003 was $34,561, putting Colorado 8th in the nation.
Colorado Agriculture:
Livestock and livestock products include beef, pork, sheep, and turkeys, and crops, that includes sugar beets, barley, beans, corn, hay, potatoes, and sorghum.
The state's economy broadened from its mid 19th century roots in mining when irrigated agriculture developed, and by the late 19th century, raising livestock had become important. Early industry was based on the extraction and processing of minerals and agricultural products. Current agricultural products are cattle, wheat, dairy products, corn, and hay.
Colorado Industry:
Scientific instruments, food processing, transportation equipment, machinery, chemical products, gold and other mining, tourism.
Manufacturing continues to be a major source of income. Processed foods, computer equipment, transportation equipment, aerospace products, and fabricated metals are produced.
Historically, mining was the primary economic activity within the state of Colorado. Gold was first discovered here in 1858. Later, deposits of lead and silver were found. While gold is no longer extensively mined, oil, molybdenum (a mineral that makes steel hard and tough), and coal are important products to the state's economy.
Colorado's scenic, historic, and recreational areas make it a popular vacation destination. Resorts like those at Vail and Aspen attract visitors year-round. Tourism and related service industries provide valuable income for the state.
The federal government is also a major economic force in the state with many important federal facilities including NORAD and the United States Air Force Academy in Colorado Springs, NOAA and the National Institute of Standards and Technology in Boulder, US Geological Survey and other government agencies at the Denver Federal Center in Lakewood, the Denver Mint, and 10th Circuit Court of Appeals in Denver, and a federal Supermax Prison and other federal prisons near Caņon City. There
are of course various other federal agencies and federally owned lands in the state, especially with Colorado's abundant National Forests and four National Parks. There are also numerous private companies that have operations in Colorado that deal with the governmental agencies in the state.
In the second half of the 20th century the industrial and service sectors have expanded greatly. The state's economy is diversified and is notable for its concentration of scientific research and high-technology industries. Other industries include food processing, transportation equipment, machinery, chemical products, minerals such as gold and molybdenum, and tourism. Denver is an important financial center.
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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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