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What type of economic system does Canada have?

User Jimbeeer
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2 Answers

7 votes

Final answer:

Canada has a mixed economic system with both market and command elements, characterized by private ownership as well as significant government intervention and regulation.

Step-by-step explanation:

Canada has a mixed economic system, incorporating elements of both market and command economies. In a mixed economy, private individuals and firms own resources and make decisions about production and distribution, but there is also a significant degree of government involvement. The Canadian economy features a robust market component, with private property rights and decentralized decision-making. However, the government does intervene in the economy to provide services such as healthcare and to regulate industries in the public interest. Information about the degree of market orientation of different countries can be found at various think tanks like the Heritage Foundation and the Cato Foundation.

User Cleon
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4 votes

Answer:

Canada has a mixed-market economy!

User Larzan
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