Economy

Free enterprise: theoretical and historical background
The American economy is described as a free enterprise system, which allows private business the freedom to operate for profit with minimum government interference and regulation. The theoretical foundation of the American economic system was provided by Adam Smith, the eighteenth-century Scottish philosopher whose economic ideas of "laissez faire" (leave it alone) had a strong influence on the development of capitalism. Smith argued that when individuals, motivated by self-interest, are allowed to pursue profit freely, the result is good for all of society. The more people manufacture  and trade, the greater the competition. Competition benefits society by allowing the consumer to seek the best product   at the lowest price. Thus, market forces, which Smith termed "the invisible hand," control the efficient allocation of goods while each participant in the market is seeking his or her own self-interest.
These ideas were compatible with the high value America's Founding Fathers placed on individual liberty. Freedom   from economic control seemed an extension of freedom from control of religion, speech, and the press.
The country's reliance on private initiative and enterprise has produced impressive growth. The United States today is a leading economic power, with a high standard of living and enormous productivity in industry and agriculture.

World's leading
Producer
Industrial and technological production is high. The United States is the world's leading producer of electrical energy, aluminum, copper, sulphur, and paper, and one of the top producers of natural gas and automobiles. No other nation exports as much high technology as the United States.
Technological advancement has accelerated changes in American agriculture. Farming is highly mechanized and commercialized. In productive terms, the achievements of this sector of the economy are extraordinary. U.S. farmers produce enough food for domestic consumption and still supply 15 percent of the world's food needs.

Foreign Trade
Besides agricultural products, principal goods in America's export trade are machinery, automotive products, aircraft,  and chemicals. The leading U.S. imports are petroleum products, foods and beverages, machinery, and iron and steel products. The United States is the world's largest importer and exporter. Despite its huge domestic production, the U.S. economy depends heavily on foreign imports. Until recently, the United States consistently exported more goods than it imported. However, since 1971, the U.S. has been operating under a trade imbalance, importing more goods than it exports.
Agriculture
American agriculture is a highly productive sector of the U.S. economy facing tough challenges. Farming nowadays has become an extremely efficient, highly mechanized industry requiring huge investments. In the past thirty years,  agriculture land has been concentrated into fewer and fewer hands as large-scale specialized farms replace small family farms.
The high efficiency and productivity of American agriculture has its negative side. Farming has become too productive  to be profitable to many American farmers. Low crop prices, which have resulted from overproduction, often do not bring farmers enough income to live on. Another difficulty the American farmer faces is the decline of agricultural exports. Farmers depend heavily on exports; one third of the crop land in the United States is planted in crops destined  for export. But the market for these export crops is shrinking as the markets of the European community expand.