Economics

A:

In 2013, the largest American export was engines and machines, which accounted for 13.5 percent of total exports which were valued at $213.5 billion. This placed America second in worldwide exports.

See Full Answer
Filed Under:
  • What is a national economy?

    Q: What is a national economy?

    A: A national economy refers to the economy of an entire country. The national economy includes financial resources and management. It encompasses the value of all goods and services manufactured within a nation.
    See Full Answer
    Filed Under:
  • What products does Germany import or export?

    Q: What products does Germany import or export?

    A: Germany is well known for exporting motor vehicles and importing oil. Germany is the third largest exporter and importer in the world.
    See Full Answer
    Filed Under:
  • What kind of economy does Argentina have?

    Q: What kind of economy does Argentina have?

    A: Argentina has a free-market economy heavily based on agriculture and agricultural exports. The country also has growing industrial and service sectors. The quality of life and GDP per capita are relatively high, especially when compared to other countries in Latin America.
    See Full Answer
    Filed Under:
  • How does poverty affect the economy?

    Q: How does poverty affect the economy?

    A: Poverty compromises the market's access to skilled labor which is essential for production of needed goods and services. Poor people lack access to good health care, which presents challenges in workforce productivity. The economy also spends more on health care for people who can’t afford it. Further, poverty poses greater demands for the criminal justice system, which reduces productivity of those incarcerated and results in property damage for those affected.
    See Full Answer
    Filed Under:
  • What is the largest component of GDP?

    Q: What is the largest component of GDP?

    A: The largest component of GDP is consumer consumption. GDP is the acronym for gross domestic product, which is a measure of economic output.
    See Full Answer
    Filed Under:
  • What type of economic system does Colombia have?

    Q: What type of economic system does Colombia have?

    A: As of 2014, Colombia runs a mixed economic system with major commercial and investment ties to the United States. A mixed economy is one in which both the private sector and the government direct the economy. Colombia's main exports are oil and coal.
    See Full Answer
    Filed Under:
  • What are the three types of economic resources?

    Q: What are the three types of economic resources?

    A: The three types of economic resources are commonly known as human resources, natural resources and capital resources. Economists often refer to these three resources as the factors of production.
    See Full Answer
    Filed Under:
  • What is a domestic business?

    Q: What is a domestic business?

    A: A domestic business is a company that operates only within the borders of a single country. A domestic U.S. company is the opposite of a global company that does business in many countries. Domestic businesses only have to worry about domestic business operations, record-keeping and tax obligations.
    See Full Answer
    Filed Under:
  • What are the positive impacts of tourism?

    Q: What are the positive impacts of tourism?

    A: Increased opportunities for business income and employment are primary economic advantages gained from tourism. Visitors often come with the intent of spending money on food and lodging, entertainment and souvenirs. Companies providing products and services that appeal to tourists see greater income than they would without the tourists.
    See Full Answer
    Filed Under:
  • What does the United States export the most of?

    Q: What does the United States export the most of?

    A: The top export for the United States in 2013 was material goods, including machines, engines and electrical equipment. In total, the U.S. exported $2,272 trillion in goods and services.
    See Full Answer
    Filed Under:
  • What are the main industries of France?

    Q: What are the main industries of France?

    A: France has the largest aerospace and nuclear industries of any European country, and it ranks second for agri-food and chemical industries. It is also Europe's third most important country for information and communication technology (ICT) and pharmaceutical sectors.
    See Full Answer
    Filed Under:
  • What are some advantages of economies of scale?

    Q: What are some advantages of economies of scale?

    A: The most significant advantage of achieving economies of scale is a reduced cost per unit of production. Most other advantages stem from this primary benefit. A lower cost per unit allows a business to earn greater profit even when maintaining a similar price point. The company could pass on cost savings to customers by operating with a low-price strategy.
    See Full Answer
    Filed Under:
  • What is economic liberalization?

    Q: What is economic liberalization?

    A: Economic liberalization refers to those government policies which promote economic growth by opening up trade to international markets, extending the use of markets and lessening the restrictions and regulations placed on business. China, Brazil and India, three of the fastest growing transitioning economies, achieved their economic growth after their governments liberalized their approach to business. This has led some economists to believe that economic reform is of greater importance than political reform in developing economies.
    See Full Answer
    Filed Under:
  • What is a multilateral trade agreement?

    Q: What is a multilateral trade agreement?

    A: Multilateral trade agreements are agreements on trade issues between three or more countries. They are difficult to negotiate because of their complexity, but once agreed upon, they are very powerful and beneficial for the nations involved, giving each nation equal status in terms of trade.
    See Full Answer
    Filed Under:
  • What are global trade patterns?

    Q: What are global trade patterns?

    A: Global trade patterns track ever-changing pathways in the exchange of capital, goods and services among nations. The decades leading up to 2014 saw the rise of regional trading blocs, reduced industry in many nations, the increased participation of former communist countries, and the rising stars of China and India.
    See Full Answer
    Filed Under:
  • What is money's basic advantage as compared to barter?

    Q: What is money's basic advantage as compared to barter?

    A: In a currency system, most items have a predetermined value, making transactions fast and standardized. When consumers know the cost of an item in advance, they can simply present the cash necessary to purchase the item. Paying with money also allows consumers to make purchases without worrying about finding high-demand items to trade.
    See Full Answer
    Filed Under:
  • What are economic factors?

    Q: What are economic factors?

    A: Economic factors comprise the information that influences the value of an investment or business. When you are calculating the present and anticipated future value of an investment portfolio or a business, the economic factors are what you bear in mind. The primary economic factors are management, taxes, government policy, interest rates and labor costs.
    See Full Answer
    Filed Under:
  • What is the primary purpose of business?

    Q: What is the primary purpose of business?

    A: The primary purpose of business is to make money. A business may sell a product or provide a service in its effort to make money for its owner or owners.
    See Full Answer
    Filed Under:
  • How does technology affect the economy?

    Q: How does technology affect the economy?

    A: Technology has affected the economy through direct job creation, contribution to GDP growth, creation of new services and industries, workforce transformation and business innovation. The use of technology has been linked to marketplace transformation, improved living standards and more robust international trade. Technology has revolutionized virtually every industry in the economy.
    See Full Answer
    Filed Under:
  • What are characteristics of a planned economy?

    Q: What are characteristics of a planned economy?

    A: A planned or command economy is one in which major functions, such as production and distribution of goods, are controlled by the government. In a planned economy, the government owns some or all production facilities and decides what to produce and how goods are priced. This is in contrast to a market economy, where production and distribution are decided by market forces with little or no government intervention.
    See Full Answer
    Filed Under:
  • What are the imports and exports of Monaco?

    Q: What are the imports and exports of Monaco?

    A: Monaco exports textiles, manufactured products and art products. The principality imports food, chemicals and transportation products. Monaco's import industry is smaller than its export industry. As of 2014, the area's largest trading partners were countries in the European Union. Monaco also trades with the United States and China.
    See Full Answer
    Filed Under: