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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.).
New Jersey Economy
Agriculture and Industry in New JerseyNew Jersey 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 New Jersey various economic sectors differs largely between various regions and other states in the US.
New Jersey Agriculture and Industry
New Jersey's real gross state product in 2012 was estimated to be $438,173 which was $250,733 and 134% and 2 times higher than the national state average, $187,440. New Jersey has the 7th highest GSP out of the 50 states.
New Jersey has been a leader in industry since Thomas Edison established his research laboratory in Menlo Park in 1876. The color television and videotape recorder were both invented in New Jersey research facilities. The state continues to be a leader in technology.
New Jersey produces chemicals, pharmaceuticals, machinery, electronic equipment, and processed foods. Pipelines carrying oil from Texas and Oklahoma come to an end in Bayonne, New Jersey. Oil refineries in nearby Carteret and Linden process this natural resource.
Agriculture plays a major role in the state's economy. Dairy products, fruits, nuts, vegetables, and greenhouse and nursery items are produced.
New Jersey is a leading transportation and shipping center with busy ports located on the Newark and New York Bays. The state is also a thriving vacation destination due to its ocean resorts, lakes, mountains, and forested areas.
New Jersey Agriculture:
Nursery stock, horses, vegetables, fruits and nuts such as cranberries, tomatoes, and blueberries, seafood, and dairy products.
New Jersey Industry:
Chemical products, food processing, electric equipment, printing and publishing, tourism.
The Bureau of Economic Analysis estimates that New Jersey's total state product in 2004 was $416 billion. Its per capita personal income in 2004 was $41,636, 4th in the United States of America and 126% of the national average of $33,041. Its median household income is also the highest in the nation with $55,146. It is also ranked 2nd in the nation by the number of places with per capita incomes above national average with 76.4%. Nine of New Jersey's counties are also in the
wealthiest 100 of the country. Women in New Jersey earn the highest per capita income as stated in a 2002 article in the Newark Star-Ledger.
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.