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Tennessee State...
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State Economy
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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.). |
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Tennessee Economy
Agriculture and Industry in Tennessee Tennessee 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 Tennessee various economic sectors differs largely between various regions and other states in the US.
The Civil War and Reconstruction left Tennessee struggling economically. However, by the early 1900s, Tennessee was growing again. Manufacturing and mining industries increased greatly, providing jobs for some of the unemployed. During the Great Depression (1929-1939) the economy dropped dramatically, closing factories and making thousands unemployed. In 1933, the Tennessee Valley Authority (TVA) was
organized to conserve and develop natural resources. Many found jobs building dams on Tennessee rivers.
In 1941, the federal government built the Oak Ridge National Laboratories. This atomic energy plant helped to develop the atomic bomb that ended World War II (1939-1945). After the war, the TVA continued to build dam and steam plants throughout the state. This encouraged new industries into Tennessee from neighboring states. Tennessee's economy became one of the fastest growing economies in the South.
Although Tennessee is now primarily industrial, with most of its people residing in urban areas, many Tennesseans still derive their livelihood from the land. The state's leading crops are cotton, soybeans, and tobacco; cattle, dairy products, and hogs are also principal farm commodities. Tennessee's leading mineral is stone and zinc ranks second (Tennessee leads the nation in its production). The state's leading manufactures are chemicals and related products, foods, electrical
machinery, primary metals, automobiles, textiles and apparel, and stone, clay, and glass items. Aluminum production has been important since World War I.
Tennessee is a major tourist destination because of its beautiful scenery. Many lakes were built by the Tennessee Valley Authority (TVA) and the Army Corps of Engineers. The TVA also developed the Land Between the Lakes, an enormous Kentucky-Tennessee recreation area. Visitors are also drawn by Tennessee's music capitals, Nashville for country-music lovers and Memphis for jazz. Elvis' home Graceland has become the most visited celebrity museum in the country.
Tennessee Agriculture and Industry
Tennessee Agriculture:
Soybeans, cotton, tobacco, livestock and livestock products, dairy products, cattle, hogs.
Tennessee Industry:
Chemicals, transportation equipment, rubber, plastics.
According to US Bureau of Economic Analysis, in 2003 Tennessee's Gross State Product was $199,786,000,000, 1.8% of the total Gross Domestic Product.
In 2003, the per capita personal income was $28,641, 36th in the nation, and only 91% of the national per capita personal income of $31,472. Total earnings were $167,414,793,000. (BEARFACTS)
Major industries/products...
State sales tax is 7.0% (6% on nonprepared food), while the counties charge an additional 2.25% for a total of 9.25% across Tennessee. Some cities charge additional 0.50% sales tax, leading to a total of 9.75%: some of the highest sales taxes in the United States. The overall state tax rate is relatively low, however, as Tennessee does not tax wage and salary income (although it does tax unearned income).
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State Economies
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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. |
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