The United States is a highly developed country with a market economy[37] and has the world's largest nominal GDP and net wealth. It has the s

Economy of the United States

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The United States is a highly developed country with a market economy[37] and has the world's largest nominal GDP and net wealth. It has the second-largest by purchasing power parity (PPP) behind China.[38] It had the world's eighth-highest per capita GDP (nominal) and the ninth-highest per capita GDP (PPP) in 2022.[39] The United States has the most technologically powerful and innovative economy in the world. Its firms are at or near the forefront in technological advances, especially in artificial intelligence, computers, pharmaceuticals, and medical, aerospace, and military equipment.[40] The U.S. dollar is the currency most used in international transactions and is the world's foremost reserve currency, backed by its economy, its military, the petrodollar system and its linked eurodollar and large U.S. treasuries market.[41][42] Several countries use it as their official currency and in others it is the de facto currency.[43][44] The largest U.S. trading partners are China, the European Union, Canada, Mexico, India, Japan, South Korea, the United Kingdom, and Taiwan.[45] The U.S. is the world's largest importer and the second-largest exporter.[46] It has free trade agreements with several countries, including the USMCA, Australia, South Korea, Switzerland, Israel and several others that are in effect or under negotiation.[47]

The nation's economy is fueled by abundant natural resources, a well-developed infrastructure, and high productivity.[48] It has the seventh-highest total-estimated value of natural resources, valued at Int$ 44.98 trillion in 2019.[49] Americans have the highest average household and employee income among OECD member states.[50] In 2013, they had the sixth-highest median household income, down from fourth-highest in 2010.[51][52]