Prinicples Of Economic docx.

Running head: PRINCIPLES OF ECONOMICS
PRINCIPLES OF ECONOMICS
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PRINCIPLES OF ECONOMICS1
Table of Contents
1. Introduction..................................................................................................................................3
2. Size and Growth of the Industry..................................................................................................3
3. Macroeconomic Indicator or Policy and Its Importance and Impacts.........................................4
4. Recent Trend................................................................................................................................4
5. Conclusion...................................................................................................................................5
Reference List..................................................................................................................................6

PRINCIPLES OF ECONOMICS2
1. Introduction
Manufacturing is an efficient industry in US which contributes about half of US exports.
US is reported as the second best manufacturer after China that generates an output over 2.00
trillion dollars in 2018. The sector provides high-paid blue collar jobs due to the evolution of
factors like the innovation in supply chain, information technology, capital intensive approaches
and highly skilled labor force (Pierce & Schott, 2016). Despite this growth, employment in the
manufacturing sector has started going down since 2017. The aim of the paper is to do an
industry analysis of the manufacturing industry in US to study its trend and outcomes.
2. Size and Growth of the Industry
The manufacturing sector generated about 2.33 trillion dollars that drives over 11.6 percent of
the aggregate economic output of U.S. The sector produces about 18.2 percent of the world’s
total goods (Pierce & Schott,2016). The size of the manufacturing industry in 2018 is about
6217.0 billion dollars that has a growth rate of 6 percent as estimated from the data of 2018.
Figure 1: Representation of size of the industry as estimated from the size of real GDP