Ch 6 Sec 2- Economy and Culture of US Students will –Identify the sources of economic power in the US –Examine the cultural diversity of US –Describe American life today What factors make a country economically powerful? (Think- Why are the US, China, Japan, and Germany the richest countries in the world today?)

World’s Greatest Economic Power- US has the world’s largest economy (GDP 2010 $14.6 trillion ($14,587,000,000), China $5.9 trillion Per Person $47,150 (#12 largest among large countries, China and Mexico not ranked in top 60 countries) high standard of living for individuals Big MAC Index (gives a relative idea of how expensive or cheap it is to live in that country by looking at the cost of a Big Mac) $4.20 (Norway $6.79 most expensive, India $1.62 cheapest, Mexico $2.70) –Exports (goods US sells overseas) #2 12% of all exports (#1 Euro Zone of 16 countries 16%, #3 China 9%, #4 Japan 5%

Three factors contribute to US success 1) Natural Resources- stuff from earth worth money (copper #4, lead #3, zinc #4, aluminum #5, gold #3, silver #5,rubber #5, cotton #3, platinum #3, oil #3 producer 8,000 barrels a day, natural gas #1, coal #1) 2) Skilled work force- highly educated 18 of top 24 universities in US/ 6 in CA (#1Harvard, #2Stanford, #4 Berkeley, #6 Cal Tech #12 UCLA, #15 UC San Diego, #17 UC San Francisco, 3) Stable government- little corruption and lots of trust that Gov. will do its job US is ranked #2 in global competitiveness helped by Gov. efficiency and infrastructure Free Enterprise- private individuals own most of the resources, technology, and businesses

Agricultural and Industrial Giant- US is the #3 producer of food in world at $183 billion (China #1 at $489 billion, India #2 $202bil. 2009) Why do China and India have to produce more food than the US? Agriculture- US feeds the world (40% corn, 20% cotton, 10% of wheat, cattle, hogs 2009) What factors allow the US to grow so much food? –US has good soil, good climate, and mechanization Industry- industrial output is larger than any country ($3.07T, #2 China $2.1T) –Largest industries are oil, steel, transportation equipment, chemicals, electronics, food processing, telecommunications, consumer goods, lumber, and mining 9/10 most valuable companies in the world are American (by market value how much they are worth) Guess –#1 Apple ($460bil, #2 Exxon-Mobile $383bil, #3 Google $296bil., #4 Berkshire Hathaway $278bil, #5 Microsoft $260bil., #6 Johnson and Johnson $242bil., #7 Walmart $238bil, #8 General Electric $238bil, #9 Chevron $237bil, #10 Petro China $236bil.) Regions are famous for producing certain products- Detroit/Cars, Seattle/Airplanes, Los Angeles/Defense/Entertainment, Silicon Valley/ Computers –Is the US in trouble economically? Are we in danger of being surpassed by China, Asia, or Europe? Why

Postindustrial Economy- America is moving away from being an agricultural and manufacturing nation, and instead is becoming a service oriented nation (US manufacturing output is #2 at $1.83bil (China #1 at $1.85bil) where as service output is #1 at $10.5bil (Japan #2 at $3bil.) Look at the map on P140 answer ? 1,2 Service Industry is any economic activity that produces a service rather than a product (information processing/computers, finance/$/stocks, medicine/hospital/health, transportation/driving/delivery, education/teaching –3 out of 4 jobs today is in service Postindustrial Economy- manufacturing no longer plays as important of a role –Trade- US is a major trading nation Export (goods sold to other countries)- raw materials, agriculture, and manufactured goods –US #3 exporter at 8.5% (China #1 9.6%) Import (goods US buys from other countries)- Automobiles, electronic equipment, machinery, and clothes –US #1 importer at 12.7% of world’s imports »Why do you think the US has other countries make goods for us? »What is wrong with importing more than we export?

Diversity- US is a nation of immigrants What % of Americans do you feel are white, Hispanic, and African/American? Make up of United States –White 70% –Hispanic- 13% –African-American 12% –Asian-American 4% –Native American 1% P 142 What regions do the most Af/Am,Hispanics, and Asians live? Why? Language- English dominant language, Spanish #2 Religion different faiths in US –56% Protestant –28% Catholic –Jews and Muslims both 2% Arts movie and music most influential arts forms today –African-Americans- invented jazz, blues, gospel, rock n roll –Country from British Isles

American Life today- 309mil people live in US Where do they all live? –Largest Cities- NYC 19.4mil (#6 world), LA 12.8mil (#12), Chicago 9.2mil (#24), Miami 5.7 (#47), Philadelphia 5.6mil (#49), Dallas 5mil, Atlanta 4.7 mil, Boston and Houston 4.6mil –80% live in cities and suburbs (areas surrounding cities) due to wide spread ownership of automobiles (1 car for 1.3 people, 3.5 million miles of roads) Does the US have enough roads or too many cars? Explain How Americans work and play? –50% of adults are employed (1/2 are women) Why are so many women working today? –7/10 have service industry jobs requiring higher level of education –2,300 colleges in US –Favorite sports- football, baseball, basketball, gold, soccer, tennis, and skiing (most every city has a sports team) –Other activities- playing video games, internet, computer –Problem- 1 in 10 Americans live in poverty (challenge for Gov. is how to bring those in poverty up into mainstream)