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.).
Agriculture and Industry Services and ProductsColorado 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 Colorado various economic sectors differs largely between various regions and other states in the US.
Colorado Agriculture and Industry
Colorado's real gross state product in 2012 was estimated to be $239,884 which was $52,444 and 28% higher than the national state average, $187,440. Colorado has the 19th highest GSP out of the 50 states.
Livestock and livestock products include beef, pork, sheep, and turkeys, and crops, that includes sugar beets, barley, beans, corn, hay, potatoes, and sorghum.
The state's economy broadened from its mid 19th century roots in mining when irrigated agriculture developed, and by the late 19th century, raising livestock had become important. Early industry was based on the extraction and processing of minerals and agricultural products. Current agricultural products are cattle, wheat, dairy products, corn, and hay.
Scientific instruments, food processing, transportation equipment, machinery, chemical products, gold and other mining, tourism.
Manufacturing continues to be a major source of income. Processed foods, computer equipment, transportation equipment, aerospace products, and fabricated metals are produced.
Historically, mining was the primary economic activity within the state of Colorado. Gold was first discovered here in 1858. Later, deposits of lead and silver were found. While gold is no longer extensively mined, oil, molybdenum (a mineral that makes steel hard and tough), and coal are important products to the state's economy.
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.