Question

Canada allows citizen ownership of private property and businesses by its people, government and people make economic decisions for their country, has high taxation and the government owns the major businesses and makes major economic decisions. Where would Canada go on the economic spectrum below?

A. Capitalism
B. Communism
C. Socialism
D. Mixed economy

Answer 1

Canada would fall into the category of a Mixed economy, which combines elements of capitalism and socialism.

Step-by-step explanation:

Canada would fall into the category of a Mixed economy.

In a mixed economy, there is a combination of private ownership and government control over economic activities. Canada allows citizen ownership of private property and businesses, which aligns with elements of capitalism. However, the government also owns major businesses and makes major economic decisions. Additionally, Canada has high taxation, which reflects elements of socialism. This combination of private ownership, government control, and high taxation places Canada within the category of a mixed economy.