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The United States is one of the largest and most technologically developed countries in the world. The Gross Domestic Product of the country in terms of purchasing power parity of the country has reached at $12.36 trillion (2005 est.). A central feature of the US economy is a reliance on private decision-making ("economic freedom") in economic decision-making. This is enhanced by relatively low levels of regulation, taxation, and government involvement, as well as a court system that generally protects property rights and enforces contracts.

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Arizona Economy

Agriculture and Industry in Arizona

Arizona economy is a set of human and social activities and institutions related to the production, distribution, exchange and consumption of agriculture and industry goods and services. The balance between Arizona various economic sectors differs largely between various regions and other states in the US.

Arizona Agriculture and Industry

Arizona's real gross state product in 2012 was estimated to be $230,641 which was $43,201 and 23% higher than the national state average, $187,440. Arizona has the 20th highest GSP out of the 50 states. Arizona's economy relied on the "Five C's": copper, cotton, cattle, citrus, and climate (tourism). At one point Arizona was the largest producer of cotton in the country.

Arizona Agriculture:

Arizona supplies fruits and vegetables for markets in colder parts of the United States. Principal crops include lettuce, cauliflower, broccoli, and sorghum. But dairy items and cattle are Arizona's most valuable agricultural products.

Mild winters contribute to a productive farming industry.

Arizona Industry:

Copper and other mining, electric equipment, transportation equipment, machinery, printing and publishing, food processing, electronics, tourism.

The state government is the Arizona's largest employer, while Wal-Mart is the state's largest private employer, with 17,343 employees (2003). Arizona lost much of its comparative advantage as a high-tech industry leader between 1990 and 2001, according to a state Department of Commerce report.

Manufacturing is Arizona's leading economic activity. The state produces electronics, published materials, processed foods and items for the aerospace and transportation industries. In this rapidly growing state, construction, communications, and technology are important contributors to the economy.

Service industries continue to grow along with the tourist trade. Large numbers of visitors come each year to enjoy Arizona's warm climate, and unique natural features including the Grand Canyon, the Painted Desert, Monument Valley, and meteor craters. Ancient Native American ruins and Indian reservations also attract many tourists. National and State forests are popular vacation spots for millions of visitors each year.

The mineral wealth of Arizona is great. The state leads the nation in the production of copper. Copper is still extensively mined from many expansive open-pit and underground mines, accounting for two-thirds of the nation's output. Sand and gravel are also important resources. Less plentiful but valuable minerals mined in Arizona include gold, lead, silver, stone, zinc, and uranium.




State Economies
State Economies

US economy is relies on private decision-making ("economic freedom")
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