ECONOMICS
ECONOMIC SYSTEMS
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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market
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command
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mixed
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traditional
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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: -Canada has a “mixed” economy, positioned between these extremes. The three levels of government decide how to allocate much of the country’s wealth through taxing and spending. Capitalism is an economic system in which private owners control a country’s trade and business sector for their personal profit.
Detailed explanation-3: -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-4: -Countries like the United States, United Kingdom, Germany, France, Russia, and China currently have mixed economies.
Detailed explanation-5: -In 2022, The World Population Review labeled Brazil, Haiti, Alaska, Yemen, Canada, and Greenland as traditional economies. Most conventional economic systems are found in Asia, Africa, Latin America, and the Middle East. Brazil is a mixed economy driven by state regulations and market demand.