Sectors of American Economy

The US natural advantages and resources are probably greater than those of any other area of equal size. The land is as varied as it is huge. There are plains and mountains, grasslands and forests, sandy soil, clay and rich, dark loams.

The USA is rich in natural resources, the main being iron ore, coal and oil. The nation produces more than 100 million tons of iron a year. Four fifths of the ore mined in the USA comes from the Great Lakes region. Though a great deal of the ore has been used up, its resources have not been exhausted. Most of the coal mined in the USA is used by power plants to produce electricity. Coal is also used in the chemical industries for the manufacture of plastics and other synthetics. The production, processing and marketing of such oil products as petrol (called gasoline or gas in the USA) make up one of America’s largest industries.

The basic metals and minerals mined in the United States are zinc, copper and silver.

The United States is an industrial country with various branches of heavy industry prevailing: mining, metallurgical, automobile and chemical industries as well as engineering. Many branches of light industry are also developed, among them are textile, food and woodworking industries. A great deal of attention in American industry is devoted to raising labour productivity, improving the working conditions, the employment of labour-saving machines, management training.

The US by far remains the world’s leading manufacturer by value of goods produced. It hit a record $1.6 trillion in 2007. In 2007 the US sold more than $200 billion worth of aircraft, missiles and space-related equipment, $80 billion worth of automobiles and auto parts.

The Agriculture, Forestry and Fishing sector comprises establishments primarily engaged in growing crops, raising animals, harvesting timber, and harvesting fish and other animals on a farm, ranch, or from their natural habitats.

In 2008 agriculture accounted for 1.2% of the US GDP. The American major crops and products are wheat, corn, other grains, fruits, vegetables, cotton; beef, pork, poultry, dairy products; fish; forest products.

The US remains the leading world exporter of wheat, maize and soybeans and its meat exports grow steadily. The EU and the US are the world’s biggest cheese producers, accounting for almost 70% of production. The US is the largest producer and consumer of poultry and meat products. Grains and animal products account for two thirds of the export gains.

The private non-good producing industries account for approximately 70% of total economic activity in the US. These industries include financial services, retail trade, wholesale trade, and the service industries, government services, transportation, entertainment, tourism, etc.

The US service sector is the largest sector in the economy and accounts for an increasingly significant share of GDP. Both in the US, as well as in other industrialized nations, the service sector is a dynamic component of economic activity and growth. It includes a wide variety of businesses: Truck Transportation, Messenger Services and Warehousing; Securities, Commodities, and Other Financial Investments; Rental and Leasing Services; Professional, Scientific, and Technical Services; Health Care and Social Assistance, etc. Government services play a major role in the economy.

The United States is one of the most significant nations in the world when it comes to international trade. For decades, it has led the world in imports while simultaneously remaining as one of the top three exporters of the world.

The leading US exports are industrial machinery, electronic equipment, grain, oil products and chemicals. Exports-partners are Canada, Mexico, China, Japan, the UK and Germany.

Major imports are agricultural products, industrial supplies, capital goods, consumer goods (automobiles, clothing, medicines, furniture, toys). China, Canada, Mexico, Japan and Germany are chief trading partners.

Notes:

loam (n) – глина

missile (n) – ракета

1. Complete the suggested statements using the information from the text above:

1. … pushed the United States into a recession.

2. The American free enterprise system emphasizes ….

3. The interaction between competing producers and consumers ultimately determines … .

4. The United States of America is rich in natural resources such as ….

5. The American major crops and products are ….

6. The USA is an industrial country, with various branches of heavy industry prevailing, namely ….

7. A great deal of attention in American industry is devoted to ….

8. The US service sector is the largest sector in the economy and accounts for …

9. America’s leading exports are ….

2. Re-read the text, paying more attention to the details so as to answer the questions that follow:

1. What are the current problems the United States faces nowadays?

2. What measures have been taken to help the economy recover?

3. What system is the US economy based on?

4. Why is the nation’s economy sometimes called a ‘consumer economy’?

5. What is the role of the government in the US economy? Does it provide any services and goods?

6. Is the country rich in mineral resources?

7. What are the key sectors of American economy?

8. Does the US remain the world’s leading manufacturer by value of goods produced?

9. What are the American major crops and products?

10. What services do the private non-good producing industries include?

11. What are the country’s exports and imports?

12. What countries are the US chief trading partners?

DEVELOPING VOCABULARY

1. Look through the text again and find the words which correspond to the definitions below:

a) the act or process of buying, selling, or exchanging commodities, at either wholesale or retail, within a country or between countries;

b) the science, art, or occupation concerned with cultivating land, raising crops, and feeding, breeding, and raising livestock; farming;

c) to send or transport (a commodity, for example) abroad, especially for trade or sale;

d) the natural wealth of a country, consisting of land, forests, mineral deposits, water, etc.;

e) a person or an organization that uses a commodity or service;

f) the amount of money or its equivalent received during a period of time in exchange for labor or services, from the sale of goods or property, or as profit from financial investments;

g) one that produces, especially a person or organization that produces goods or services for sale.

2. Consult a dictionary to fill in the missing parts of speech in the table below:

Noun	Verb	Adjective
		employable
import
	economize
		industrial
	produce
export
	supply
		distributive
competitiveness
	extract

DISCOVERING LANGUAGE

Passive Voice

1. Complete the sentences about the Statue of Liberty in Active or Passive Voice. You must either use Simple Present or Simple Past.

1. The Statue of Liberty (give) … to the United States by France.

2. It (be) … a present on the 100th anniversary of the United States.

3. The Statue of Liberty (design) … by Frederic Auguste Bartholdi.

4. It (complete) … in France in July 1884.

5. In 350 pieces, the statue then (ship) … to New York, where it (arrive) … on 17 June 1885.

6. The pieces (put) … together and the opening ceremony (take) … place on 28 October 1886.

7. The statue (represent) … the goddess of liberty.

2. Rewrite the sentences in Passive Voice.

E.g. Mr Smith writes the delivery notes. - The delivery notes are written (by Mr Smith).

I confirm the reservation.
We will deliver the goods immediately.
We arranged a meeting.
You can cancel the contract within five business days.
They execute all orders carefully.
She did not sign the contract.
We are processing your order.

SPEAKING

1. Use the following expressions to tell about the economy of the USA:

a dynamic, free-market system; powerful economy; consumer role; encourage production and consumption; largest industries; major crops and products; leading world exporter; account for; international trade; leading exports / imports.

2. Comment on the quotation:

Over the years, the U.S. economy has shown a remarkable ability to absorb shocks of all kinds, to recover, and to continue to grow. Flexible and efficient markets for labor and capital, an entrepreneurial tradition, and a general willingness to tolerate and even embrace technological and economic change all contribute to this resiliency. (Ben Bernanke, Federal Reserve Chairman (January 2006))

3. Act out with your groupmates a round-table conference on the topic “The USA: Economic Priorities Today”. Possible roles: a foreign journalist, an economic reviewer, an American economist, an entrepreneur, a politician, etc. Prepare questions and reports on the topic.

WRITING

1. Write an essay describing the role of the government in the development of the US economy.

2. Write an article to the “Guardian” about the current economic situation of the country.

SUPPLEMENTARY READING

1. Read the text about American symbols and check your understanding by answering the questions that follow:

American Symbols

The American flag is often called “The Stars and Stripes”, it is also called “Old Glory”. It represents the growth of the nation. It has 13 horizontal stripes, 7 red and 6 white which stand for the original 13 states. In the top left hand corner there are 50 white stars on a blue background: one star for each state.

The flag of today evolved out of many earlier flags raised in days gone by. For several centuries after European explorers first sailed to North America, the flags of Spain, Holland, France, England and Sweden flew over different parts of the continent. An English flag known as the Red Ensign waved over American colonies from 1707 until the beginning of the Revolutionary War. It was the merchant flag of England. When the revolution started in 1775, the colonies wanted a flag of their own. That new flag, the Grand Union, was raised over George Washington’s headquarters outside Boston on January 1, 1776. On June 14 of the following year, the Continental Congress meeting in Philadelphia chose a design for the first official flag of the USA. Today Americans celebrate June 14 as “Flag Day”. When two more states joined the Union in 1795, the flag gained two stars and two stripes, bringing to 15 the total of each. The Star Spangled Banner flew above Fort McHenry during the British bombardment in 1842, inspiring Francis Scott Key to write American national anthem.

As more states joined the United States, Americans realized the flag would become an awkward shape of additional stripes sewn to it. The Congress restored the design to the original 13 stripes, and decided that a star would be added to the blue field for each new state. The 50-th star – for Hawaii – was added on July 4, 1960.

The national anthem of the USA is the “Star Spangled Banner”. The words written during the Anglo-American war of 1812-1814 and set to music of an old song. Every state has its own flag, its own emblem and its own anthem too.

The eagle became the national emblem of the country in 1782. It has an olive branch (a symbol of peace) and arrows (a symbol of strength). You can see the eagle on the back of a dollar bill.

The Statue of Liberty is the symbol of American democracy. It stands on Liberty Island in New York. It is one of the first things people see when they arrive in New York by sea. This National Monument was a present from France to the USA. France gave the statue to America in 1886 as a symbol of friendship. Liberty carries the torch of freedom in her right hand. In her left hand she is holding a tablet with the inscription “July 4, 1776” – American Independence Day.

Notes:

1. glory (n) – слава, триумф

2. stripe (n) – полоса

3. background (n) – фон

4. gain (v) – получить, приобрести

5. restore (v) – восстанавливать, вернуть на прежнее место

6. anthem (n) – гимн

7. torch (n) – факел

2. Answer the following questions using the information given in the text:

1. How do people often call American flag?

2. What are the colours of the American flag? How many stripes are there on the flag?

3. What facts from the history of the flag have you learned?