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Growth, Productivity, and Trade Are Key to Our Prosperity
Over the last century, investment in education, infrastructure, and technology development, along with increased international trade, has resulted in increased productivity and growth, leading to higher incomes and standards of living around the world.
Farm productivity has dramatically increased since 1965 as a result of modern agricultural machinery and new seeds and fertilizers, resulting in higher yields per acre of crops such as corn and soybeans.
Our trade balance (exports minus imports) has grown steadily negative over the last two decades. During each of the last two recessions (shaded areas), our purchases of imports fell, improving our trade balance.
The By the Numbers — Do It Yourself! Lab Activity for this chapter will focus on the U.S. trade balance over the past two decades.
The By the Numbers — Do It Yourself! Lab Activity for this chapter will focus on the U.S. trade balance over the past two decades.
Firing workers can be costly in some countries. Firing a full-
American attitudes about concerns for the environment or a preference for economic growth vary based on the state of the economy. As the economy enters a recession (shaded areas), the desire for economic growth increases while concern for the environment ebbs.
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