Describe the impact of national and international markets on the Texas economy.

The economy of Texas is the second largest in the United States. It has a gross state product of $1.803 trillion (2018). It has Made a great impact on national and international markets.

Explanation:

THE IMPACTS ON NATIONAL AND INTERNATIONAL MARKETS ON THE TEXAS ECONOMY ARE AS FOLLOW:-

i) In 2014, for the thirteenth year in a row, Texas led the United States in export revenues. .The ship channel at the Port of Houston—the largest in the U.S. in international commerce and the sixth-largest port in the world.

ii)  According to the Tax Foundation, Texans' state and local tax burdens are among the lowest in the nation, 7th lowest nationally

iii) Texas is one of the seven states of the United States with no personal state income tax. In addition, Texas does not allow any lower level of government (counties, cities, etc.) to impose an income tax.

iv)The state leads nationally in production of sheep and goat products. Texas is king of cotton leading the nation in cotton production, its leading crop and second-most-valuable farm product. Texas is a leader in cereal crop production.

v)] Texas is a global leader in the energy industry and Houston is the petroleum capital of the world.

vi)Texas has a large tourism industry.

vii)Texas is a top film-making state. Austin is now one of the leading film-making locations in the country.

viii)Texas also is home to many of the world's largest oilfield services firms including Halliburton, Schlumberger and Dresser. The state has a number of pipeline operators, such as El Paso and Dynegy, along with diversified energy firms such as TXU and Reliant Energy.

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