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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 Agriculture and Industry
Minnesota's real gross state product in 2012 was estimated to be $252,971 which was $65,531 and 35% higher than the national state average, $187,440. Minnesota has the 17th highest GSP out of the 50 states.
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 factories produce machinery, fabricated metals, flour-mill products, plastics, computers, scientific instruments, and processed foods. The state is also a leader in the printing and paper-products industries.
Minneapolis is the trade center of the Midwest, and the headquarters of the world's largest super-computer and grain distributor. St. Paul is the nation's biggest publisher of calendars and law books. These "twin cities" are the nation's third-largest trucking center. Duluth has the nation's largest inland harbor. Rochester is home to the Mayo Clinic, a world-famous medical center. Tourism is a major revenue producer in Minnesota, with arts, fishing, hunting, water sports, and winter sports bringing in millions of visitors each year.
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.