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State Economy
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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Illinois EconomyAgriculture and Industry in IllinoisIllinois 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 Illinois various economic sectors differs largely between various regions and other states in the US.Illinois is an important agricultural state. Rich farmland, adequate rainfall, and a long growing season contribute to its success as a leading producer of corn and soybeans. Other agricultural products include cattle, hogs, wheat, oats, sorghum, and hay. Illinois Agriculture and IndustryIllinois Agriculture:Corn, soybeans, hogs, cattle, dairy products, wheat. Illinois Industry:Machinery, food processing, electric equipment, chemical products, printing and publishing, fabricated metal products, transportation equipment, petroleum, coal. The economy of the State of Illinois is highly diverse. The state's largest city, Chicago, is home to many of the nation's largest companies including Boeing, McDonalds, Bank One, United Airlines and Motorola. The chicagoland economy produces vast quantities of telecommunications gear, electronics, steel, automobiles, industrial products, and has a wide variety of financial institutions. It is also home to the two largest futures exchanges in the United States, the Chicago Board of Trade and the Chicago Mercantile Exchange.However, the regions of the state south of Chicagoland are highly agricultural. Corn and other large-field crops are heavily grown and account for most of the state's economic output outside of Chicago.The 2004 total gross state product for Illinois was $528 billion, placing it 5th in the nation. The 2003 per capita income was $32,965. Illinois' agricultural outputs are corn, soybeans, hogs, cattle, dairy products and wheat. Its industrial outputs are machinery, food processing, electrical equipment, chemical products, publishing, fabricated metal products, transportation equipment, petroleum and coal. |
State Economies
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. |
