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1、American Economy,IntroductionHow the U.S.Economy WorksService IndustryAgricultureManufacturing IndustryCities,The economy of the United States is a market economy,also known as capitalist economy.In market economy,production is regulated by market and prices fluctuate according to supply and demand.
2、The United States has the worlds largest economy resources and leads the world in technological development.,American economy experienced a long period of fast growth in the 1990s and it had a GDP of 10,446 billions in 2002,which ranked first among all nations in the world.Its per capita GDP for the
3、 same year was 37,600.However,the American economy entered a period of stagnation in the early 21st century,especially after the terrorist attack on September 11.,How the U.S.Economy Works,The U.S.economy combines private ownership with government regulation.Economic policies are made together by pr
4、oducers,consumers and the government.Producers make their decisions on what to produce in order to maximize profit.The American economic activities are carried out by about 20 million companies,commonly known as businesses.Businesses can be either huge corporations employing thousands or tens of tho
5、usands of people or small businesses run by a single family.,Small businesses,Small businesses play a very important role in the economy.It includes a large part of the tertiary industry and most of farms,employing about 52%of all the U.S.labor force.With their limited financial resources,small busi
6、nesses are more vulnerable than large corporations in times of economic recession.However,they also have certain advantages.Since they require small investment,they can adjust quickly to the changing economic conditions and move to new fields to meet the demands of market.,Large Corporations,Despite
7、 the huge number of small and medium-sized businesses,large corporations play a dominant role in the American economy.Many of these corporations are national or multinational corporations.To raise the funds,corporations sell stocks to the public.A large part of these funds come from major financial
8、institutions,but a growing part comes from individuals.Large corporations have enormous impact on American economy.The great influence of big corporations on economy has caused the government to pass laws protecting their interest and to provide help when they are in trouble.,The Role of Government,
9、The role of government in the U.S.economy has been growing.Starting from the late 19th century,the American government was urged to intervene in the economy to protect the small businesses from monopolies by increasingly big powerful corporations.The government passed the Sherman Anti-Trust Act in 1
10、890 and prevented the merger of big companies in order to prevent monopoly.New Deal legislation extended federal authority in banking,agriculture and public welfare.,Federal government regulation falls into two general categories:economic regulation and social regulation.(P205)The government also pr
11、ovides services and assistance that the market cannot provide effectively.Among these are national defense,the maintenance of transportation systems,education,libraries,hospitals,public police and fire protection,public welfare system and the benefits of Social Security.,Overall,the American federal
12、 government,through its intervention,guides the pace of American economy.It can help decelerate or accelerate the growth rate of economy by two means:the financial policy and the monetary policy.(P205),Service Industry,A countrys level of development is very often judged by the development of its se
13、rvice industry.In the United States,the service industry by far is the largest branch of the economy.This sector produced about 80%of the GDP in 2002.The service sector includes a variety of private businesses that provide the public with a wide range of services,such as financial services,travel an
14、d tourism,transportation,trade,entertainment,food services and government services.,Financial Services,The US financial sector is run by various kinds of financial institutions such as financial banks,saving banks,credit unions and mutual funds.They function as intermediaries in the flow of money,tr
15、ansferring funds from savers to borrowers.Most of the time,people use personal checks or credit cards to make payment.As a result,most Americans are in debt.,Federal Reserve System,Federal Reserve System serves as the central bank of the United States.All commercial banks have to put a certain perce
16、ntage of their deposit in the 12 Federal Reserve Banks.The Federal Reserve System issues national currency and decides monetary policy such as interest rate.,Ben Shalom Bernanke,Alan Greenspan,Stock plays a very important role in US economy.It helps business to raise money and investors to invest th
17、eir surplus fund in stock shares.There are quite a few stock exchanges in the US.The most famous of them is New York Stock Exchange(NYSE)on Wall Street.Bull market&Bear market,Wall Street,New York Stock Exchange,Tourism,Tourism is another large service industry in the country.America has a large res
18、ource for tourism.Its vast areas of national parks,points of interests and natural wonders attract hundreds of millions of visitors each year.For some states,such as Hawaii,California and Florida,the tourism industry has become an economic pillar.,Yellowstone National Park,Old Faithful,Grand Teton N
19、ational Park,Wyoming,Olympia National Park,Washington,Yosemite National Park,California,Niagara Falls,New York State,Transportation,A vast network of railroads,highways and airlines provide convenient transportation of passengers as well as goods.The most important means of passenger transportation
20、today is highway.,Trade,The United States is a big trading nation.The most popular shopping place for Americans is the shopping mall.The supermarkets are also very popular,especially for low-income families.(Wal Mart.)The United States is the worlds leading trading country.Exports and Imports(P209)U
21、S trade with China(P209),Agriculture,The United States possesses some of the best cropland in the world.American farmers supply about half of the grain exports in the whole world.American staple agricultural products include corn,soybean,wheat,hay,rice,tobacco,sorghum,fruits and sugarcane.,Corn prod
22、uction is concentrated heavily in the mid-western region known as the Corn Belt.Wheat is mainly grown on the Great Plains.Tobacco is mainly grown on the Coastal Plain between Virginia and Florida and Tennessee west of the Appalachians.America also produces a lot of meat and dairy products.,American
23、agriculture has generally been very successful.However,the success of farming has created a problem of overproduction,and American farmers depend on international markets for their products.,Manufacturing Industry,America is by far the largest industrial country in the world.The leading manufacturin
24、g industries are chemicals,industrial machinery,electronic equipment,food processing,motor vehicles,printing and publishing,etc.The US industries are unevenly distributed throughout the nation.They have been generally concentrated in the northeastern part of the country and along the southern shores
25、 of Great Lakes.Another change in the US industry is its internationalization.,American Cities,Washington D.C.New York CityLos AngelesChicagoHouston,San FranciscoSeattleBostonPhiladelphiaDetroitAtlantaPhoenix,Washington D.C.,Washington D.C.,the capital city of the United States,is located on the Pot
26、omac River between the two states of Maryland and Virginia.The section was named the District of Columbia after Christopher Columbus,who discovered the continent.The city itself was named Washington after George Washington,the first president of the United States.,Residential quarters,cultural facil
27、ities and transportations now have been greatly improved.The city now is a modern metropolis where there are many exhibition halls,museums,memorial halls,restaurants,big shopping malls,but very few factories and chimneys.Washington is the headquarters of all the branches of the American federal syst
28、em:Congress,Supreme Court and the Presidency.Apart from the government buildings,there are also some other places of interest,such as the Washington Monument,the Lincoln Memorial,the Jefferson Memorial,the Library of Congress.,Capitol Hill,White House,Washington Monument,The Jefferson Memorial,Linco
29、ln Memorial,Library of Congress,New York City,New York City,located in New York State,is the largest city and the chief port of the United States.The city has five boroughs:Manhattan,the Bronx,Queens,Brooklyn and Richmond.New York City is often called“The Big Apple”,which was termed by jazz musician
30、s to describe something that is the ultimate in size,excitement and achievement.New York City has the wonders of the Big Apple that exceeded all expectationsthe fantastic skyscrapers,marvelous museums,cultural centers,architecture and sightseeing attractions,such as the Statue of Liberty,Wall Street
31、,Broadway,Rockefeller Center,Metropolitan Museum of Art(大都会艺术博物馆）,etc.,New York City,Manhattan Skyline and Central Park,Statue of Liberty,UN Headquarter,Rockefeller Center,Metropolitan Museum of Art,Los Angeles,It is the second largest city in the country.It is a major center for trade,oil productio
32、n and refining,manufacturing,communication and fashion.The city also takes lead in the countrys film and television industries.Actually,Hollywood has become the capital of motion pictures in the world.Tourism and recreation also plays a very important role in the economy.The Disneyland attracts mill
33、ions of visitors each year.,Los Angeles,Los Angeles Night,Los Angeles skyline,Chicago,Chicago is located on the southwestern shore of Lake Michigan in Illinois.It is the third largest city in the country.Chicago is one of the nations most important transportations centers.Its OHare International Air
34、port is the busiest airport in the whole country.Chicago is the most important industrial and commercial center in the Midwest.Its food-processing industry is the largest in the whole country.Thats why it is called“the bread basket of America”.,Chicago Skyline,OHare International Airport,Sears Tower
35、,Houston,Houston is located near the Gulf of Mexico.It is the fourth largest city in the country.The city is the industrial center of the Southwest and it is among the fastest growing major cities in the United States.It is the center of the Petra-chemical industry in the country and is an important
36、 refinery center.Plenty of oilfield equipment is produced in the city.Not far form down town Houston is the Manned Spacecraft Center for astronaut training,equipment testing,and controller of space and orbit communications,which gives the city its nicknamed“Space City of U.S.A.”,Houston Skyline,San Francisco,Bank Of America Building,Chinatown in San Francisco,Seattle Skyline,Boston Skyline,Detroit Skyline,Independence Hall in Philadelphia,Phoenix,Dallas Skyline,Las Vegas Night,Pittsburg Skyline,Atlanta Skyline,Coca Cola Headquarter,
