Economics is the study of scarcity and choice. Canada is considered to have a mixed economy. It has the following characteristics that we can say are most important to identify it as a mixed economy:
• Public enterprise
• Private enterprise
• Welfare state
We can say that the above characteristics are most important because, as a mixed economy, the government and the people are the ones who make choices for the state, and the individuals are responsible as give their opinions on important matters regarding the economy and on what’s best for Canada.
The government publicly has ownership of some industries.
The people also have private ownership of some industries thus they have an opportunity to make smart choices.
Canada has its own social and political organizations that are different from other nations in the world as it puts together essentials of private enterprise and public enterprise.
Canada can be said to have the biggest economic freedom in the world, and its involvement in international trade contributes to a big sector in its economy mostly because of its natural resources. Its free trade policy supports the flow of exports and imports.
As a welfare state, the government assists the citizens in several ways such as the construction of amenities for the homeless persons and the handicapped who cannot look after themselves. The expansion of an extent naive social welfare scheme and economic biases were affected after world war two.
About social studies, social behavior and economic relationship show us how consumer behavior is affected by ethics, morals, and humanitarian policies. Successful socio-economy governments are involved in fulfilling the objectives of government policies, and such is the Canadian economy.
Caves, R., & Holton, R. (1959). The Canadian economy: Prospect and Retrospect. Cambridge, Mass.: Harvard University Press.
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