Economic System of Canada

What are the 3 basic questions every economy must answer?

• 1. What goods/services will be produced?
  2. How will goods/services be produced?
  3. Who will consume the goods/services?
• 1. What goods/services will be produced?
  2. How will goods/services be produced?
  3. When will goods/services be consumes?

When all economic decisions are based on customs,

traditions, & beliefs of the past it is called ...

• market economy

• traditional economy

• command economy

Canada's economy is a combination of several economic systems like most democratic countries in world. We call that a

• Market Economy

• Mixed Economy

• Traditional Economy

Canada brings in a huge amount money from all over the world that contributes greatly to their economy by selling

• Video games

• Natural Resources

• Jellies

Which percentage best represents the amount of arable land in Canada?

• 23.4%

• 53.2%

• 4.3%

Which is a major crop grown in Canada?

• Wheat

• Bananas

• Oranges

Nearly 75% of Canada's exports are sold to

• China

• Britain

• United States

Which term refers to a person who is willing to take a risk to start and operate their own business?

• Entrepreneur

• Command economist

• Trader

Technology, computers, factories, machines, or property needed to keep a business profitable.

• Human capital

• Trade barrier

• Capital goods

People who have knowledge and skills to perform a job or provide a service.

• Human capital

• Capital Resource

• Natural resource