Canada Economics: Make Up

Why are entrepreneurs an important part of a growing, healthy economy?

• They help a country use fewer natural resources.

• They require less skills and cheaper job-training.

• They start new businesses which create new jobs.

Match the following

• Tax!

• Embargo

• No trade!

• Tariff

• Limit!

• Quota

Canada's economy is 76% ​ (a)   and 24% ​ (b)   . This means Canada has a ​ (c)   economy.

• market
• command
• mixed-market

Who makes all the economic decisions in a command economy?

• the government

• the workers

• the consumers

• the citizens

In a traditional economy, economic decisions are made based on...

• customs, traditions, and beliefs of the past

• the needs of the autocratic government

• the forces of supply and demand

• competition between businesses

What are the 3 basic economic systems?

• traditional

• command

• market

• mixed

Which economic system has the most freedom?

• traditional

• command

• market

Which economic system has the least freedom?

• traditional

• command

• market

On Moana's island, people decide what, how, and for whom to produce based on tradition and culture.

• traditional economy

• command economy

• market economy

In Country O, there is a lot of competition between different businesses.

• traditional economy

• command economy

• market economy