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 NevadaNevada 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 Nevada various economic sectors differs largely between various regions and other states in the US.
Nevada Agriculture and Industry
Nevada's real gross state product in 2012 was estimated to be $113,197 which was $74,243 and 40% lower than the national state average, $187,440. Nevada has the 32nd highest GSP out of the 50 states.
Most of Nevada's economic riches are located deep within the ground. The state is a leading producer of gold, silver, and mercury. Copper is still mined, although it is no longer as dominant as it was in the past.
Tourism provides the major source of income for the state. Millions of visitors come to Nevada each year to enjoy the scenery, resorts, and gambling opportunities centered in Las Vegas, Reno, and Lake Tahoe. Approximately half of all workers in the state are employed by service industries related to tourism.
Because of the arid climate, farming is not highly developed. But irrigation practices have made the cultivation of vegetables, greenhouse and nursery plants, and grain possible. Livestock ranching is the main agricultural activity in Nevada. High plateau areas are ideal for grazing of sheep and cattle.
Other industries important to the state include the manufacturing of gaming machines, aerospace equipment, irrigation devices, and seismic monitoring devices.
Cattle, hay, dairy products, potatoes.
Tourism, mining, machinery, printing and publishing, food processing, electric equipment.
The Bureau of Economic Analysis estimates that Nevada's total state product in 2003 was $88 billion. Per capita personal income in 2003 was $31,910, 19th in the nation. Its agricultural outputs are cattle, hay, dairy products, onions and potatoes. Its industrial outputs are tourism, mining, machinery, printing and publishing, food processing, and electric equipment. It is well-known for gambling and nightlife. Large, luxurious casinos in Las Vegas, Lake Tahoe and Reno attract visitors
from around the world.
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.