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Unit 4 An overview of England US Economy An Overview of the US Economy Facts and Figures A free enterprise economy Economic Sectors US Import and Export Challenges facing US Economy Facts and Figures The worlds most powerful economy Facts and Figures Main industries Petroleum, Steel, Motor vehicles, Aerospace, Telecommunications, Chemicals, Electronics, Food processing, Consumer goods, Lumber, Mining Facts and Figures World’s leading producer of goods and services World’s leading industrial and.
US Economy An Overview of the US Economy • Facts and Figures • A free enterprise economy • Economic Sectors • US Import and Export • Challenges facing US Economy Facts and Figures The world's most powerful economy Facts and Figures Main industries: Petroleum, Steel, Motor vehicles, Aerospace, Telecommunications, Chemicals, Electronics, Food processing, Consumer goods, Lumber, Mining Facts and Figures • World’s leading producer of goods and services • World’s leading industrial and technological products such as Aluminum, Copper and Sulphur • Farming is highly merchandized and commercialized => produce 15% of the world’s food needs Facts and Figures • Major products are machinery, automotive products, aircraft and chemicals • Since 1971, the US has imported more than exported • There is a shift in production from manufacturing to services Facts and Figures • • Labor: 151.8m( includes unemployed) (2006) Labor force by occupation: – managerial and professional (31.1%) – technical, sales and administrative support (28.6%) – services (14.1%) – manufacturing, mining, transportation, and crafts (23.7%), – farming, forestry, and fishing (2.5%) • Unemployment: 4.4% (October 2006) US Economy: A Free Enterprise American economy: a free enterprise system, which allows private business the freedom to operate for profit with minimum government interference and regulation Adam Smith (1723 – 1790) Laissez Faire (leave it alone): individuals, motivated by self interest, are allowed to pursue profit freely, the result is good for all of society US Economy: A Free Enterprise The role of the Government: In 19th Century: minimum government intervention From 1930s, government regulation exists in many areas of business Generally, the idea of “free” private enterprise is strongly supported US Economic Sectors Stop and Check Fill in the blank with ONE word or figure: The American economy is described as a Free Enterprise _ system which allows private business the freedom to operate for profit The founding father of American economic Adam Smith (1723 – system philosophy is _ 1790) Stop and Check The outstanding features of US favorable conditions include: Labor, Manufacturing and investment, and _ Natural resources The direct outcomes of US budget Inflation deficit since 1930 are: , High interest rate and Unemployment The Characteristics of American Business - American Business means private and profit - Businesses are directly or indirectly owned and operated by private individuals in order to make a profit Traditional American values Reason for coming Price to be paid Individual freedom Self-reliance Equality of opportunity Competition Competition Material wealth Hard work The Characteristics of American Business COMPETITION Freedom Hard work Equality of opportunity Self-reliance Material wealth Entrepreneurs - Entrepreneurs are those who built up great industries: steel, railroads, oil refining, etc - They start with almost nothing and end up with virtually everything - They are everyone’s perfect heroes as they reflect the American dream in its purest meaning Key Figures The American businessman from Texas, who is best known for seeking the office of President of the United States in 1992 and 1996 Perot founded Electronic Data Systems (EDS) in 1962, sold the company to General Motors in 1984, and founded Perot Systems in 1988 Henry Ross Perot (born June 27 1930) With an estimated net worth of around US$ billion in 2008, he is ranked by Forbes as the 72nd-richest person in America Key Figures An American business magnate, philanthropist, the world's third richest person, and chairman of Microsoft, the software company he founded with Paul Allen Gates was the richest person in the world for 15 consecutive years During his career at Microsoft, Gates held the positions of CEO and chief software architect William "Bill" Gates (born October 28, 1955) He has also authored or co-authored several books Organization man/woman • They run the businesses that are already established by others • With have power and wealth, they are also models of success in US • But they not have a strong hero image as entrepreneurs Key Figures The son of Malcolm Forbes and the editor-in-chief of business magazine Forbes as well as president and chief executive officer of its publisher, Forbes Inc Malcolm Stevenson "Steve" Forbes Jr (born July 18, 1947) He was a Republican candidate in the U.S Presidential primaries in 1996 and 2000 He is the grandson of B.C Forbes, founder of Forbes magazine Key Figures The American businessman most commonly known for his revival of the Chrysler Corporation in the 1980s, serving as President and CEO from 1978 and additionally as chairman from 1979, until his retirement at the end of 1992 Lido "Lee" Iacocca (born October 15, 1924) Among the most widely recognized businessmen in the world, he was a passionate advocate of U.S business exports during the 1980s Stop and Check Decide whether the following statements are True or False: It is believed that competition is the key to the success of many American businesses TRUE _ Business institutions receive higher prestige in American society than any other TRUE organizations Stop and Check Entrepreneurs are often more successful and wealthy than business FALSE man/women _ Ross Perot and Steve Forbes are two examples of organization men who successfully carry on the business left FALSE behind by their fathers _ TOPICS for DISCUSSION Why is US called a land of opportunities? How are the American traditional beliefs and values mirrored in the US economic system and how much they make contribution to the American economic growth? TOPICS for DISCUSSION What are the economic achievements that the US has reached so far and what are the challenges it is now facing? Discuss the role of US in this globalization context .. .An Overview of the US Economy • Facts and Figures • A free enterprise economy • Economic Sectors • US Import and Export • Challenges facing US Economy Facts and Figures The world's... American Business - American Business means private and profit - Businesses are directly or indirectly owned and operated by private individuals in order to make a profit Traditional American values... the success of many American businesses TRUE _ Business institutions receive higher prestige in American society than any other TRUE organizations Stop and Check Entrepreneurs are often more