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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 York Economy
Agriculture and Industry in New YorkNew York 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 York various economic sectors differs largely between various regions and other states in the US.
New York has been a leader in industry and in the national economy since the earliest times. Robert Fulton invented the first steam-powered ship in 1809, and this new technology began a new era in transportation. Soon after, in 1825, the completion of the Erie Canal connecting the Great Lakes with the harbor in New York City allowed trade across the state to flourish and a number of cities grew up along
these trade routes. By the 1880s, a system of roads and turnpikes across the state increased New York's ability to move goods along with the railroads that had become an important addition to the state economy.
New York Agriculture and Industry
New York Agriculture:
Dairy products, cattle and other livestock, vegetables, nursery stock, apples.
New York Industry:
Printing and publishing, scientific instruments, electric equipment, machinery, chemical products, tourism.
New York City dominates the economy of the state. It is the leading center of banking, finance and communication in the United States and is the location of the New York Stock Exchange (NYSE) on Wall Street, Manhattan. The Bureau of Economic Analysis estimates that in 2004, the total gross state product was $900 billion, second only to California. If New York were a Nation, it would rank as the 16th largest economy in the World, behind South Korea. The state economy grew 4.7%,
slightly faster than the 4.3% for the US. Its 2004 Per Capita Personal Income was $38,333, placing it 5th in the nation, and 6th in the World. New York's agricultural outputs are dairy products, cattle and other livestock, vegetables, nursery stock, and apples. Its industrial outputs are printing and publishing, scientific instruments, electric equipment, machinery, chemical products, and tourism.
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.
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