Final answer:
The Canadian economic system is best described as a mix of capitalism with public management of essential services, reflecting a belief in the balance between economic freedom and government oversight for the welfare of the public.
Step-by-step explanation:
The Canadian economic system is characterized by a blend of capitalism with some regulatory oversight and public management of essential services. The statement that best describes the values and beliefs behind the Canadian economic system is: Capitalism can solve most economic problems if there is public management of some essential services. This viewpoint reflects the Canadian approach to balancing economic freedom, competition, and voluntary exchange with the need for government intervention in certain sectors to ensure that public interests such as health care, education, and infrastructure are managed for the collective good.
In capitalism, economic freedom allows producers and consumers to make their own choices in the marketplace. Competition and voluntary exchange are fundamental, driving innovation and efficiency while influencing prices and the quality of goods and services. However, the Canadian system acknowledges that some regulation and government management are essential to protect consumers, the environment, and provide essential public services.
The Canadian economy operates within this mixed framework, maintaining the core principles of capitalism while incorporating government intervention where necessary to address market failures and social welfare.