ECONOMICS
ECONOMIC DEVELOPMENT
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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It is a mixed economy
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It is a traditional economy
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It is a pure market economy
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It is a pure command economy
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Detailed explanation-1: -The economy of Canada is a highly developed mixed-market economy. It is the 8th-largest GDP by nominal and 15th-largest GDP by PPP in the world. As with other developed nations, the country’s economy is dominated by the service industry which employs about three quarters of Canadians.
Detailed explanation-2: -Capitalism is an economic system in which private owners control a country’s trade and business sector for their personal profit.
Detailed explanation-3: -Its largest industries are real estate, mining, and manufacturing, and it is home to some of the largest mining companies in the world. A large portion of its GDP comes from international trade, with its largest trading partners being the U.S., China, and the U.K.
Detailed explanation-4: -Canada is said to have a mixed economy because of the role government plays, and because individuals still own private property. Canada’s position on the economic continuum is not static. It shifts left and shifts right depending on the political party that forms the government.