North American Economy
Definition
The North American economy refers to economic activities including agriculture, industry, trade etc., primarily focusing on United States' development from colonial times till now.
Analogy
Consider North American economy as a giant pizza. Each slice represents different sectors like agriculture, industry, trade etc., and the size of each slice changes over time as economy evolves.
Related terms
Industrial Revolution: A period from 18th to 19th century where major changes in agriculture, manufacturing, mining, and transport had a profound effect on socioeconomic conditions in North America.
Capitalism: An economic system characterized by private ownership of goods and production for profit.
Manifest Destiny: The 19th-century doctrine that the expansion of the US throughout the American continents was both justified and inevitable.
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