State Economy
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.

California Economy

Agriculture and Industry Services and Products

California 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 California various economic sectors differs largely between various regions and other states in the US.

California Agriculture and Industry

$1,563,562 and 834% and 9 times higher than the national state average, $187,440. California has the highest GSP out of the 50 states.

The predominant industry, more than twice as large as the next, is agriculture. This is followed by aerospace; entertainment, primarily television by dollar volume, although many movies are still made in California; and light manufacturing .

Per capita personal income was $33,403 as of 2003, ranking 12th in the nation. Per capita income varies widely by geographic region and profession. The Central Valley has the most extreme contrasts of income, with migrant farm workers making less than minimum wage. Recently, the San Joaquin Valley was characterized as one of the most economically depressed regions in the US, on par with the region of Appalachia.

While some coastal cities include some of the wealthiest per-capita areas in the US, notably San Francisco and Marin County, the non-agricultural central counties have some of the highest poverty rates in the US The high-technology sectors in Northern California, specifically Silicon Valley, in Santa Clara and San Mateo counties, are currently emerging from economic downturn caused by the bust, which caused the loss of over 250,000 jobs in Northern California alone. Recent (Spring 2005) economic data indicate that economic growth has resumed in California, although still slightly below the national annualized forecast of 3.9%. The international boom in housing prices has been most pronounced in California, with the median property price in the state rising to about the half-million dollar mark in April 2005.

California Agriculture:

Vegetables, fruits and nuts, dairy products, cattle, nursery stock, grapes.

California is the nation's leading agricultural state, producing a wide variety of fruits and vegetables including carrots, lettuce, tomatoes, onions, and broccoli. The state's most valuable crops include cotton, grapes, and oranges. California is also a leader in the production of dairy products and wine.

The processing of farm produce is a major industry in California. But the state's economy also benefits from its vast reserves of natural resources such as petroleum, natural gas, lumber, and cement.

California Industry:

Electronic components and equipment, aerospace, film production, food processing, petroleum, computer hardware and software, and the mining of borax, and tourism.

The state manufactures electronic equipment, computers, and transportation equipment. Southern California forms one of the largest manufacturing regions in the nation. To the north, "Silicon Valley" has become a center for the development of computer hardware and software.

One of the largest industries in the state, however, is the motion picture and television industry. Tourism is another great source of income for California. Attractions range from Disneyland and other theme parks, to the natural beauty of the national parks and forests throughout the state.

State Economies
State Economies

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