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 in HawaiiHawaii 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 Hawaii various economic sectors differs largely between various regions and other states in the US.
Hawaii Agriculture and Industry
Hawaii's real gross state product in 2012 was estimated to be $61,877 which was $125,563 and 67% lower than the national state average, $187,440. Hawaii has the 39th highest GSP out of the 50 states.
The Hawaiian Islands are one of the most desirable vacation destinations in the world. Each year millions of tourists come to enjoy the natural beauty of the islands. As a result, Hawaii's economy has become greatly dependent on service industries, retail trade, and transportation.
Sugarcane, pineapples, nursery stock, livestock, macadamia nuts.
Tourism, food processing, apparel, fabricated metal products, stone, clay, and glass products.
The history of Hawaii can be traced through a succession of dominating industries: sandalwood, whaling, sugarcane, pineapple, military, tourism, and education. Since statehood was achieved in 1959, tourism continues to be the largest industry in Hawaii, contributing 24.3% of the Gross State Product (GSP) in 1997. New efforts are underway to diversify the economy. The total gross output for the state in 2003 was USD $47 billion; per capita income for Hawaii residents was USD $30,441.
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.