EconomySee also: Arizona locations by per capita income
The 2011 total gross state product was $259 billion. This figure gives Arizona a larger economy than such countries as Ireland, Finland, and New Zealand. The composition of the state's economy is moderately diverse; although health care, transportation and the government remain the largest sectors. The hub of economic output remains in the Phoenix metropolitan area accounting for approximately 74% of the states domestic product.
The state’s per capita income is $40,828, ranking 39th in the U.S. The state had a median household income of US$50,448, making it 22nd in the country and just below the U.S. national median. Early in its history, Arizona’s economy relied on the "five C's": copper (see Copper mining in Arizona), cotton, cattle, citrus, and climate (tourism). At one point, Arizona was the largest producer of cotton in the country. Copper is still extensively mined from many expansive open-pit and underground mines, accounting for two-thirds of the nation’s output.
Read more about this topic: Sports In Arizona
Other articles related to "economy":
... Scotland has a western style open mixed economy that is closely linked with the rest of Europe and the wider world ... Traditionally, the Scottish economy has been dominated by heavy industry underpinned by the shipbuilding in Glasgow, coal mining and steel industries ... during the 1970s and 1980s saw a shift from a manufacturing focus towards a more service-oriented economy ...
... During its history Quincy has been known as a manufacturing and heavy industry center, with granite quarrying dominating employment in the 19th century and shipbuilding at Fore River Shipyard and Squantum Victory Yard rising to prominence in the 20th century ... The recent decades have seen a shift in focus to several large employers in the financial services, insurance and health care sectors of the economy ...
... Theory of Employment Interest and Money that lower aggregate expenditures in the economy contributed to a massive decline in income and to employment that was well below the average ... In such a situation, the economy reached equilibrium at low levels of economic activity and high unemployment ... to keep people fully employed, governments have to run deficits when the economy is slowing, as the private sector would not invest enough to keep production at the normal level and bring the economy out of recession ...
... Copper mining is an important part of the economy of Katanga province ... Cobalt mining by individual contractors is also prevalent ...
... war furthered the decline of the Iranian economy that had begun with the revolution in 1978–79 ...
Famous quotes containing the word economy:
“Unaware of the absurdity of it, we introduce our own petty household rules into the economy of the universe for which the life of generations, peoples, of entire planets, has no importance in relation to the general development.”
—Alexander Herzen (18121870)
“Even the poor student studies and is taught only political economy, while that economy of living which is synonymous with philosophy is not even sincerely professed in our colleges. The consequence is, that while he is reading Adam Smith, Ricardo, and Say, he runs his father in debt irretrievably.”
—Henry David Thoreau (18171862)
“Cities need old buildings so badly it is probably impossible for vigorous streets and districts to grow without them.... for really new ideas of any kindno matter how ultimately profitable or otherwise successful some of them might prove to bethere is no leeway for such chancy trial, error and experimentation in the high-overhead economy of new construction. Old ideas can sometimes use new buildings. New ideas must use old buildings.”
—Jane Jacobs (b. 1916)