Largest Sectors in the US Economy Data Analysis Chapter

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MacroeconomicsThe extraction sector is the primary sector of the U.S. economy: this consists of mining, agriculture and forestry. The secondary sector consists of manufacturing, processing and construction. The tertiary sector consists of services. In terms of what is the largest sector of the U.S. economy by GDP, the answer would be services. These services can include financial services, professional services, managerial services, waitressing, bartending, etc. The U.S. essentially has a major servicing industry. Industry—such as mining and manufacturing—make up the other large sectors of the economy.The types of services that go to comprise the largest share of total output or GDP would include technical services, financial services, utilities, educational services, health services, management services, entertainment and recreation services, hotel and accommodation services, transportation services, food services, support services, personal care services, repair services, cleaning services, mechanic services, dating services, pet care services, and death care services.

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The types of goods that comprise the largest share would include both durable and non-durable goods. Durable goods would include cars, furniture, homes and appliances. Defense equipment would be considered durable goods and huge amount of money is spent on defense, building bases, developing weapons and military transports. Non-durable goods would include goods like food, clothing, and gas—items that are meant for consumption rather than to last for years on end after purchase. Non-durable goods actually make up a significantly larger portion of the GDP of the US than durable goods, which means a lot of what is spent in America is spent on necessities—utilities, food, clothing—the basic necessities of life.....

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