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Manufacturing output recovered from the Great Recession, reaching an all-time high in 2021, but manufacturing employment has been declining since the 1990s, giving rise to what is known as a "jobless recovery," which made job creation or preservation in the manufacturing sector an important topic in the 2016 United States presidential election. [4]
Texas has the most farms of all United States both in terms of number and size. Agriculture is a major contributor to the economy of Texas and is the primary land use in the state. It is the country's leading producer of livestock. Wine production in Texas is significant, although small by global standards
Texas counties by GDP in 2021 (chained 2012 US$) The economy of the State of Texas is the second largest by GDP in the United States after that of California. It has a gross state product of $2.694 trillion as of 2023. [7] In 2022, Texas led the nation with the most companies in the Fortune 500 with 53 in total. [8]
This makes the developed country capital-abundant relative to the developing country, and the developing nation labor-abundant in relation to the developed country. With this single difference, Ohlin was able to discuss the new mechanism of comparative advantage , using just two goods and two technologies to produce them.
The economy of Houston is based primarily on the energy industry, particularly oil.However, health care, biomedical research, and aerospace also constitute large sectors. In 2021, the gross domestic product (GDP) of the Houston–The Woodlands–Sugar Land metropolitan statistical area (MSA) was 537 U.S. dollars billion, the fourth-largest of any metro area in the United States. [1]
Manufacturing is an important activity in promoting economic growth and development. Nations that export manufactured products tend to generate higher marginal GDP growth, which supports higher incomes and therefore marginal tax revenue needed to fund such government expenditures as health care and infrastructure .
Trophy Club was the first master-planned community in Texas, with over 1,000 acres of parks, 36 holes of golf and a high standard of living. Incomes are quite high in the city of 14,000, at more ...
The general law of comparative advantage theorizes that an economy should, on average, export goods with low self-sufficiency prices and import goods with high self-sufficiency prices. Bernhofen and Brown found that by 1869, the price of Japan's main export, silk and derivatives, saw a 100% increase in real terms, while the prices of numerous ...