Economics in the USA Essay

Pages: 4 (1457 words)  ·  Style: MLA  ·  Bibliography Sources: 3  ·  File: .docx  ·  Level: College Senior  ·  Topic: Economics

Economics in the U.S.A. -- The Gambling Industry

Industry Overview

The bases of the gambling industry were set by the former mafia clans, during a time in which the United States authorities were militating for a decent life style and a religious focus. It was probably the simple interdiction of gambling activities that made them so appealing and popular with the public. As they became legal, the mafia lost interest in them and sold most of the casinos in Las Vegas. Today, the gambling industry is not only legit as any other industry, but it has come to generate million dollar revenues each year.

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More specific information on the American gambling industry sees that its growth has been due to increases in the population's living standards. The successful outcome of any casino in the United States is directly linked to its ability to conduct efficient operations as well as develop and implement the most suitable marketing strategies. The large players benefit from increased financial and technological resources to sustain revenues and the small size players succeed by addressing local markets. The average income for an employee in the industry is of$90,000 per year. 2008 was market by a 7% increase in the industry's operations and revenues, but 2009 reveals pessimistic results due to the internationalized economic crisis. However, a one percent growth is still expected. The growth rate is expected to gradually increase and measure 7% by 2011, but it then foreseen that during 2012 it will only be of 5%, to then increase once again throughout 1013 at 6% (Hoovers, 2009).

2. Economic Indicators and their Impact on the Gambling Industry

Essay on Economics in the USA Assignment

Economic indicators include a series of statistical information used by specialized economists to review the performances of a given economy, industry or sector. Aside assessment, economic indicators also allow for the making of future estimations. The most relevant economic indicators to be mentioned in the analysis of the gambling industry are the gross domestic product, the unemployment rate, the inflation rate (or the consumer price index), personal income, interest rate and finally, the PPI, or the producer price index.

2.1 Gross domestic product

The GDP is defined as the totality of products and services produced or delivered within one country during the course of one year. The products and services are understood in terms of their monetary value and the GDP is "equal to total consumer, investment and government spending, plus the value of exports, minus the value of imports" (Investor Words, 2009).

The gross domestic product within the United States has followed an ascendant trend for the past decades:

Source: The Financial Forecast Center, 2009

Foremost, despite the financial crisis in the contemporaneous community, the American GDP is expected to maintain its ascendant trend in the future. The biggest increase is expected to occur in November 2009.

* The charts are constructed on estimative forecasts from the Center for Financial Forecast

An analysis of the gross domestic product in most of the American industries will only manage to reveal font modifications. However, in terms of the gambling industry, modifications in the GDP are directly linked to the evolution of gambling. In this order of ideas, increasing GDP means that more services and products were delivered in the United States and that the incomes of the individual customers increased. This in turn means that the customers have increasing purchasing powers and that they are more likely to contract the services of gambling organizations. On the other hand, a decreasing GDP means that the population is less able to purchase gambling services and that the revenues of these institutions are likely to decrease.

2.2 Unemployment rate

In defining the unemployment rate it is necessary to distinguish between the individuals in one country. To better understand, the labor force is made up from individuals who work and those who do not work, but are looking for jobs and are willing to work. The unemployment rate is the numeric representation of the category of individuals who do not currently work but are looking for jobs. The category of individuals who are able to work -- but who do not work neither look for a job -- is not included in the unemployment rate. Sadly enough, the unemployment rate within the United States has increased during the past few months as a direct result of the economic crisis. It is… [END OF PREVIEW] . . . READ MORE

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APA Style

Economics in the USA.  (2009, May 8).  Retrieved October 22, 2020, from https://www.essaytown.com/subjects/paper/economics-usa/420884

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"Economics in the USA."  Essaytown.com.  May 8, 2009.  Accessed October 22, 2020.
https://www.essaytown.com/subjects/paper/economics-usa/420884.