Find Online CollegesFind Campus Colleges
Choose a County
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.).
|
Massachusetts EconomyAgriculture and Industry in MassachusettsMassachusetts 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 Massachusetts various economic sectors differs largely between various regions and other states in the US.Since colonial times, Massachusetts has been an important industrial state and a pioneer in developing new technologies. Today the state leads in the production of electronic and technical equipment, plastics, paper products, and metal and rubber products. Massachusetts Agriculture and IndustryMassachusetts Agriculture:Seafood, nursery stock, dairy products, cranberries, vegetables. Massachusetts Industry:Machinery, electric equipment, scientific instruments, printing and publishing, tourism. The Bureau of Economic Analysis estimates that Massachusetts's total state product in 2003 was $297 billion. Per capita personal income in 2004 was $42,102, making it the 2nd highest in the country behind Connecticut. |
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. |