ECONOMICS
ECONOMIC SYSTEMS
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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Traditional Economy
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Command Economy
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Market Economy
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Mixed Economy
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Detailed explanation-1: -Like most countries, Canada features a mixed market system much like its neighbor to the south: though the Canadian and U.S. economic systems are primarily free market systems, the federal government controls some basic services, such as the postal service and air traffic control.
Detailed explanation-2: -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.
Detailed explanation-3: -A market economy has freedom of choice and free enterprise. Private entrepreneurs are free to get and use resources and use them to produce goods and services.
Detailed explanation-4: -In a Free Market Economy, the production of goods and services is determined by consumer demand rather than controlled by a central government.