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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.).
Agriculture and Industry in MinnesotaMinnesota 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 Minnesota various economic sectors differs largely between various regions and other states in the US.
Minnesota is rich in natural resources. A few square miles of land in the northern part of the state produce more than 75% of the nation's iron ore. The state's farms rank high in yields of corn, wheat, rye, alfalfa, and sugar beets. Other leading farm products include butter, eggs, milk, potatoes, green peas, barley, soybeans, oats, and livestock.
Minnesota Agriculture and Industry
Dairy products, corn, cattle, soybeans, hogs, wheat, turkeys.
Machinery, food processing, printing and publishing, fabricated metal products, electric equipment, mining, tourism.
The Bureau of Economic Analysis estimates that Minnesota's total state product in 2003 was $211 billion. Per capita personal income in 2004 was $34,861, 8th in the nation. The average household income in 1999 was approximately $48,000, ranking eighth in the nation (US Census Bureau). The county averages range from $17,369 (Todd County) to $42,313 (Hennepin County, a portion of the Metro area). In general, salaries are lowest in more rural areas, particularly in the northwest portion
of the state.
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.