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The United States is a developed country with a market economy and has the world's largest nominal GDP and net wealth. It has the second-largest by purchasing power parity. It had the world's ninth-highest per capita GDP (nominal) and the fifteenth-highest per capita GDP (PPP) in 2021. The United States has the most technologically powerful and innovative economy in the world. Its firms are at or near the forefront in technological advances, especially in artificial intelligence, computers, pharmaceuticals, and medical, aerospace, and military equipment. The U.S. dollar is the currency most used in international transactions and is the world's foremost reserve currency, backed by its economy, its military, the petrodollar system and its linked eurodollar and large U.S. treasuries market. The largest U.S. trading partners are China, the European Union, Canada, Mexico, India, Japan, South Korea, the United Kingdom, and Taiwan. The U.S. is the world's largest importer and the second-largest exporter. The nation's economy is fueled by abundant natural resources, a well-developed infrastructure, and high productivity. It is the world's largest producer of petroleum and natural gas. The U.S. not only has the largest internal market for goods, but also dominates the services trade. U.S. total trade amounted to $4.2 trillion in 2018. Of the world's 500 largest companies, 121 are headquartered in the U.S. The New York Stock Exchange and Nasdaq are the world's largest stock exchanges by market capitalization and trade volume. The U.S. economy is ranked first in international ranking on venture capital and Global Research and Development funding.
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