Assignment on Economics for Management of USA

Running head: Economics
0
Economics for Management
USA
1/28/2020

Running Head:
1
Contents
Current Situation and the performance of the USA economy.........................................................2
Major economic problems faced by the USA country and its solution...........................................2
Conclusion.......................................................................................................................................4
References........................................................................................................................................6

Running Head:
2
Current Situation and the performance of the USA economy
The USA economy is very strong in the market as it is a highly developed country. As per the
national Bureau Accounts 2019, it has the world’s largest nominal GDP and per capital, income
is eights highest in the world. In the third quarter of 2019, the real gross domestic product was
enhanced by 2.1%. In the year 2019, the economic growth rate of the USA is 1.5%. The Rate of
inflation in the year 2019 is 1.8% and due to this, the prices of the foods and the other products
have increased in the market. Although the inflation rate of the USA country has declined from
the previous year still the rate and the prices of the products are higher (Bigerna, et al., 2015).
The rate of unemployment is 3.7% in the US which is not indicating the good sign. The rate of
employment is 285 thousand to 157.3 million while the number of unemployment increases from
88 thousand to 6.1 million. The non-farm payroll employment has risen in the country so as per
the Bureau of Labor Statistics the unemployment rate is 3.7%. The Trade balance of the US has a
deficit in 2019 to USD 54 billion (Helling, et al., 2015).
The imports in the USA have declined from 0.1% and exports have risen from 0.6%. Distribution
of income is unequal in the USA depending upon the capabilities and skills of the employees.
Majorly 49% of US income was earned by the household people and whose income was more
than the $1000000 (Quilici, et al., 2015). The major sector of the USA economy production is
the forestry, agriculture, hunting, and fishing. The major sectors which contribute to the highest
to the GDP are agriculture, food and other industries.
Major economic problems faced by the USA country and its solution
The country USA has faced economic problems in the different sectors such as agriculture,
entrepreneurship, healthcare, global competition, in terms of innovation, hospitality and tourism,
labor-intensive things etc. The economic problems in the country USA are classified into micro
and macro-economic problems. The major economic problems in the country are inflation,
employment and unemployment, trade cycle, economic growth, the exchange rate and the
balance of payment, etc. (Harper, et al., 2015).