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MASTERPIECE2020

Economic Brief

Title: Assignment 1: Economic Brief

Sample Answer

Introduction

North American industry classification system consists of twenty industries, namely: agriculture; mining and quarrying; utilities; and construction. Additionally, it consists of wholesale and retail trade; warehousing; and information sectors. Furthermore, the North American industry classification system comprises of finance and insurance sector; leasing and rental; technical services; and management of enterprises and corporations (Census.gov, 2017). Subsequently, it comprises support services; education; social assistance; arts, recreation, and entertainment; and food services. Finally, this system consists of the public administration sector. This paper provides an economic brief.

Analysis

First, from the agriculture industry, it is evident that North America farms soybeans, oilseeds, dry pea and beans, wheat, corn, rice, vegetables, potatoes, melon, oranges, citrus, apples, grapes, strawberries, and other berries. Additionally, North America farms tobacco, cotton, sugarcane, hay, sugar beet, peanut, beef cattle, dairy cattle, hogs and pigs, chicken, turkey, sheep, goat, fish and timber and this comprises the main source of revenue for the continent as it exports them to other countries for revenue. Second, from the mining sector, it can be seen that North America mines various minerals such as crude oil, natural gas, coal, anthracite, iron ore, gold ore, silver ore, copper, lead, nickel, zinc, uranium, radium, vanadium, stone, limestone, clay, potash, soda, and borate (Census.gov, 2017). Most of these minerals are used to manufacture products such as toothpaste, salt, glass and so forth and therefore minerals comprise a major source for the economy of North America.

Wholesale trade is another sector that North America concentrates on. Ideally, North America exports automobile, motor vehicle supplies and parts, tires and tubes, furniture, lumber, plywood, millwork, wood, bricks, stones, roofing, insulation material, photographic equipment, computer equipment, office equipment, medical and dental equipment, ophthalmic goods, metals and minerals, electrical and household appliances, hardware, plumbing equipment, air conditioning equipment, construction and mining equipment, sporting equipment, hobby goods, recycling materials, printing equipment, groceries as well as other products. Despite this, the finance and insurance sector is another area that North America is performing well. This sector deals with the central bank, financial institutions, commercial banks, credit unions, issuing of credit cards, consumer lending, real estate credit, mortgage, financial transactions, investment banking, securities brokerage, commodities contracts brokerage and dealing, securities and commodities exchange, trusts and fiduciary activities, pension funds, open-end investment funds and other types of instance (Census.gov, 2017).

Consequently, education is another area that North America is booming at. The continent has elementary, secondary schools, junior colleges, colleges, universities and professional schools, secretarial and business schools, computer training, management development and professional training, trade and technical schools, flight training, barber and cosmetology schools, fine arts, sports and recreation and automobile driving schools (Census.gov, 2017). The continent believes that having a literate economy is the key to achieving economic growth. Finally, public administration is another sector of North America that ought to be considered which contributes to a great extent to its economy. This sector consists of executive offices, legal bodies, public finance activities, legal offices, courts, police protection, legal counsel and much more.

Conclusion

North America is a continent that has many sectors which help in the realization of its revenue. Some of the sectors which have been discussed in this paper include the agriculture, wholesale trade, finance, and insurance and education. Ideally, these sectors are assumed to be the key to the developing economy of North America and therefore it was prudent to analyze them.

References

Census.gov (2017). North America Industry Classification System. Census. [Online]. Available at https://www.census.gov/cgi-bin/sssd/naics/naicsrch?chart=2017 >