Which characteristic BEST describes Canada’s economy? (1 point)
Responses
traditional
traditional
command-leaning (more command)
command-leaning (more command)
market-leaning (more market)
market-leaning (more market)
pure command
market-leaning (more market)
The characteristic that BEST describes Canada's economy is market-leaning (more market).
To determine which characteristic best describes Canada's economy, we need to understand the different types of economic systems.
1. Traditional Economy: In a traditional economy, economic decisions are based on customs, traditions, and cultural beliefs. This type of economy relies heavily on agriculture, hunting, and gathering. However, Canada's economy is not primarily based on traditional practices, so this option can be ruled out.
2. Command-leaning: A command-leaning economy is characterized by significant government control and ownership of resources and means of production. While Canada does have government regulations and interventions in certain sectors, it is generally considered to have a market-based economy, allowing for private ownership and competition. Therefore, this option is not the best fit for Canada's economy.
3. Market-leaning: A market-leaning economy, also known as a market economy, is characterized by private ownership, competition, and minimal government intervention. Individuals and businesses make most of the economic decisions based on supply and demand. This option aligns more closely with Canada's economic system.
4. Pure Command: A pure command economy is one in which the government has complete control over the allocation of resources and production decisions. This option is also not applicable to Canada's economy as it has a mix of market-oriented elements.
Considering the options provided, the characteristic that best describes Canada's economy is "market-leaning (more market)."