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.

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  • What Is the Economic Meaning of Demand?

    Q: What Is the Economic Meaning of Demand?

    A: In economics, demand is a measure of how much buyers want or need a product. For example, consumers may collectively avoid buying a particular product because they don't understand it or don't believe it has value, resulting in low demand.
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  • What Type of Economy Does the United States Have?

    Q: What Type of Economy Does the United States Have?

    A: The United States has a capitalist economy. Capitalism is an economic system in which businessmen privately own the means of production, which is referred to as capital. Free market competition dictates prices and production levels. Under the capitalist system, prices and salaries are determined by supply and demand. The government’s role in this system is to protect the rights of financial motivators of the economy.
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  • What Are Characteristics of a Command Economy?

    Q: What Are Characteristics of a Command Economy?

    A: A command economy is one in which the government is the chief agent in all major economic actions. The government goes as far as to determine what is to be made, how much is made, how it is distributed and how it is transformed into services the public can use. In many instances, even prices are set by the government.
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  • Why Did the Savings and Loan Crisis Happen?

    Q: Why Did the Savings and Loan Crisis Happen?

    A: The savings and loan crisis of the 1980s occurred when the government loosened regulations on savings and loan institutions, allowing them to diversify into riskier and more profitable financial investments. This resulted in a massive increase in real estate construction, especially in markets like Texas. When there was not enough demand for these new constructions, and loans began to fail, the industry found itself in financial peril.
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  • What Is an Agrarian Economy?

    Q: What Is an Agrarian Economy?

    A: An agrarian economy is a type of economy that relies primarily on agricultural industry including livestock farming or crop production. It is a form of economy whose major factor of production is the agricultural land. Prosperity of agrarian economy is also influenced by other factors such adequate rainfall, suitable climate and inputs like fertilizers.
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  • What Is the Difference Between Inbound and Outbound Tourism?

    Q: What Is the Difference Between Inbound and Outbound Tourism?

    A: In the simplest terms, inbound tourism occurs when a foreigner or non-resident visits a particular country, and outbound tourism occurs when a resident of a particular country leaves it in order to visit another one.
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  • 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.
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  • What Type of Economic System Does Japan Have?

    Q: What Type of Economic System Does Japan Have?

    A: Japan has an industrialized global free market economy. A free market economy is a competitive economic system in which businesses compete with each other for profit and the prices of goods and services are based on supply and demand. Japan's economic system is very similar to that of the United States.
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  • What Are France's Major Imports and Exports?

    Q: What Are France's Major Imports and Exports?

    A: The majority of France’s exports include valuable commodities such as steel, machinery, pharmaceutical products, consumer products, petroleum, chemicals, iron and transportation equipment. France’s imports include crude oil, chemicals, aircraft, machinery, plastics and vehicles. The country's major export partners include Germany, Belgium, Italy, Spain, United Kingdom, United States and Netherlands. The major import partners include China, United Kingdom, Germany, Belgium and Italy.
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  • 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.
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  • What Are England's Main Exports?

    Q: What Are England's Main Exports?

    A: England's main exports include fuels, beverages, tobacco, chemicals and food. England primarily exports to the United States, Germany, the Netherlands, Ireland and France.
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  • 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.
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  • What Is the Largest Sector of the Macroeconomy?

    Q: What Is the Largest Sector of the Macroeconomy?

    A: The largest sector of the macroeconomy is the government. The other sectors of the macroeconomy include the household sector, the business sector and the foreign sector.
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  • What Are the Advantages and Disadvantages of a Traditional Economy?

    Q: What Are the Advantages and Disadvantages of a Traditional Economy?

    A: Some of the advantages of a traditional economy include a stable marketplace and the preservation of culture and customs, but limiting the power of individual choice and minimal societal progress are clear disadvantages. Various cultures throughout the world maintain a traditional economy for generation after generation to sustain the society. A country’s refusal to adapt to modern ways of living impedes transformational progress for every citizen.
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  • What Kind of Economy Does Indonesia Have?

    Q: What Kind of Economy Does Indonesia Have?

    A: Indonesia has a mixed economy, characterized by a combination of large private conglomerates and state-owned enterprises. It is part of the CIVETS group of countries, along with Columbia, Vietnam, Egypt, Turkey and South Africa, which is expected to account for half of all economic activity by 2020.
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  • What Are Some Major Industries in Mexico?

    Q: What Are Some Major Industries in Mexico?

    A: Mexico’s major industries include food and beverages, iron, steel and petroleum. Since the 1980s, Mexico’s economy has relied primarily on manufacturing.
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  • What Countries Have a Market Economy?

    Q: What Countries Have a Market Economy?

    A: Countries whose economies attract minimal involvement of the government have a market economy. According to a 2013 Index of Economic Freedom, the United States, Canada, Denmark, the United Kingdom, Hong Kong and Mauritius have a market economy. Most market economies have a degree of state-dictated planning and are thus categorized as mixed economies.
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  • What Is the Definition of Global Business Environment?

    Q: What Is the Definition of Global Business Environment?

    A: The definition of global business environment is multiple sovereign nations outside of the organization's home environment influencing how the organization makes decisions for how to use its resources. The company's operating situation depends on both external and internal factors.
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  • What Are Disadvantages of Capitalism?

    Q: What Are Disadvantages of Capitalism?

    A: One of the major drawbacks of capitalism is that it allows one or a few companies to develop dominance in particular industries by achieving significant advantages. Capitalism also creates inequality of wealth as individual pursuits are encouraged, which then contributes to social inequality. Economic cycles also tend to have a significant impact in capitalist markets.
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  • 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.
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  • What Is the Contribution of Small-Scale Industries to the Nigerian Economy?

    Q: What Is the Contribution of Small-Scale Industries to the Nigerian Economy?

    A: According to a statistical analysis of the state of the Nigerian economy in 2010 published on EconomyWatch.com, the contribution of small-scale industries to the Nigerian economy is so little as to be negligible. A 2014 economic update published online by the Oxford Business Group underscores this by pointing out that the International Monetary Fund is calling for Nigeria to do more to support small-scale enterprises.
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