Economy Types

Question 1

What is a command economy?

Answer 1

Government makes buisness decisions.

Question 2

What is a market economy?

Answer 2

Allow’s buisnesses to do whatever they want.

Question 3

What is a mixed economy?

Answer 3

Government and entrepreneur’s share responsibilities.

Question 4

What kind of economy is Canada?

Answer 4

Mixed economy. They are close to market economy, but government regulates businesses.

Question 5

What does free enterprise mean?

Answer 5

Means there is a competition between buisnesses.

Question 6

What are Canada’s resources –> minerals?

Answer 6

Iron ore, nickel, zinc, copper, gold, uranium, lead, molybdem, potash, diamonds, and silver.

Question 7

What are some of Canada’s other resources that aren’t minerals?

Answer 7

Fish, timber, wildlife, coal, petroleum, natural gas, hydroelectric power.

Question 8

How much of Canada is used for agriculture? Why is this actually a large amount?

Answer 8

Only 5%

Because Canada is the second largest country in the world.

Question 9

What are some of Canada’s agricultural products?

Answer 9

Wheat, barley, oilseed, tobacco, fruits, vegetables, dairy products, forest, fish.

Question 10

Who are Canada’s trading partners? Which is a largest trading partner?

Answer 10

USA, Europe, OECD, Japan, Others