The American settlement was started in 17th and 18th century and at that time the United States economy was being established. From colonial economies it became an independent nation in 1776. During 19th century US grew to an integrated, huge industrial economy and became fifth in the world ranking. Starting with the major occupation as farming and agriculture it achieved the status of having largest occupation as services. The main contributor in the growth of the economy was ample of natural resources and proper usage by the country. The industrial sector has many important usage of natural resources and when they are available in your own nation then no expense regarding the import is attracted and that is the biggest saving and the biggest contributor to establish of the base of the economy. The inventions made in the country contributed to improved standard of living of the American’s. The best combination was proper communication and the vision to make the country a better place to live. The money that has been made by the country is all because of the hard-work and proper efforts that got great direction and excellent execution. The country started with the trend of cutting the cost and selling more product and that really worked. The wages paid to the workers are the highest paid in the world and it is all because of equity. Since 1920’s it was the world’s largest economy ranking the number one on the basis of GDP.
THE RISE OF ECONOMY
The economy of United States is considered as the most developed and mixed economy. The Purchasing Power Parity has contributed to achieve the target of number one Economy in the world. The main factor that contributes to the USP of the country is the currency as it is the most used currency in the world. The major characteristics of the favorable economy is all due to Science and technology, Military, Full faith of the US Government to reimburse its debt and the central control achieved by the country of various international institute during the World War II. The country has seen many changes in the graph but has always overcome every push back with a greater reverse force. The country has been the most admired economy and even around the world the minute details of the same are taught and many have target to achieve the success that this country has earned.
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