United States Of America

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North America >> United States Of America >> Business and Economy of United States Of America

Busines and Economy of United States Of America

The United States of America has been the world’s leading industrial nation since the early 20th century. With one of the highest per capita incomes in the world the people of the US have a very high standard of living. In 2009 the per capita income was recorded at US$ 47,701. The country’s economic strength lies in the entrepreneur spirit of the people. Unemployment is low and skilled workers are hard to come by. Service sectors of banking, government and trade contribute a whopping 76% to the GDP which was estimated to be US $14.256 trillion in the year 2009.

The major industries are arms, aviation, publishing, movies, automobile, electronic equipment and industrial machinery.

America trades with almost the whole world but mainly depends on Canada, Mexico and Japan for it’s import and export requirements.

Business Guide

The financial hub of the country is New York with the business district being centered in Wall Street in Lower Manhattan. The oil industry headquarters are based in Houston and Silicon Valley on the west coast, is where the computer industry is centered.

In the U.S, working hours are from 9am to 5pm on weekdays. Normal business courtesies should be adhered to, business cards are widely used and punctuality makes good business sense. Formal attire is recommended for business meetings.

Dates are written in the following order –month, day and year. Example - March 1, 2000 would be written as 3/1/00.

Dollar dreams - the litany of millions worldwide! In the U.S, the basic unit of currency is the US $ or dollar. One dollar is made up of 100 cents: in common parlance a cent is a penny, 5 cents is a nickel, 10 cents is a dime and 25 cents is a quarter. Paper notes are printed in bills of $1, $5, $10, $20, $50 and $100, all of which are green and of the same size. Therefore be sure to check the fine print before you part with your greenbacks. Travelling to the US can be cheap or expensive depending upon where you are coming from. Generally, visitors from Western Europe find traveling in USA cheaper while people from other parts of the world will find USA expensive.

Depending on which part of America you visit, your expenses on lodging, food and travel will vary. New York is definitely more expensive than most parts of the country and there are many regional variations in cost. Accommodation costs will account for the major part of your travel budget. Food is generally quite cheap - for $20 a day you can eat one good lunch or dinner and live on snack/fast food the rest of the time. Double that, and for $40 you can have two full meals as well as breakfast! The rest of your expenses will include traveling costs -by bus/car/train and your nightlife schedule.

As far as taxes are concerned, most states charge sales tax between 4-10% on products, which is over and above the marked price. In some states, grocery is not taxed.

Banks and Money Changers

Banks work from 9 AM to 3 PM on weekdays. There are ATM machines installed in most banks and you can easily withdraw money if you have a card. The banks normally give you the best rate of exchange if you need to change money.

Change money and cash travelers cheques at either banks or money exchange centers. Credit cards are accepted at all establishments rural or urban and it would certainly prove to be a boon if you have one. You can also withdraw money against a credit card at most ATMs and these are to be found everywhere, from banks to shopping malls.


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