Nicknamed the City of Angels, Los Angeles is a world center of business, international trade, entertainment, culture, media, fashion, science, sports, technology, and education. It is home to renowned institutions covering a broad range of professional and cultural fields and is one of the most substantial economic engines within the United States.
The Los Angeles area has a gross product of $831 billion (as of 2008), making it the third largest economic center in the world, after the Greater Tokyo and New York metropolitan areas. As the home base of Hollywood, it is also known as the "Entertainment Capital of the World," leading the world in the creation of television and stage production, motion pictures, video games, and recorded music. The importance of the entertainment business to the city has led many celebrities to call Los Angeles and its surrounding suburbs home. Los Angeles hosted the 1932 and 1984 Summer Olympics.
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