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Canada's Mixed Economy

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There are many obvious advantages that the market economy can provide to help Canada’s economical needs. Canada is based on a mixed economy where there is a mix of public and private intervention from the government. If Canada’s economic system ran as a market economy there are many advantages that could not only benefit the economy, but also business leaders. In today’s world, no country is a free market economy for the simple reason that freedom is not freed yet. Canada is one of the wealthiest states of the world, the gross domestic product (GDP) of Canada is about 1432,140 Billion. (CCQ) Canada is a mixed economy, where both qualities of a market and command system are present. The government interferes when they believe the economy needs …show more content…

Although Canada falls under the category of a mixed economy, most of the characteristics are a market economy rather than command economy. Advantages include; it creates competition between different businesses allowing a constant flow of supply and demand to occur, thus allowing companies to compete for creating goods/services as efficient as possible. Competition also causes the cost of products and goods to be less and the flow of production to be high. (pierce.ctc.edu) It motivates workers to work hard, so they don’t lose their job, causing individuals to work to the best of their …show more content…

(theinsuranceadvice) Within the marketing system, consumer preference is an interesting topic because the consumer’s wants/needs are what drives the market of supply and demand to increase on a macro scale. For example, the great Smartphone battle between Samsung and Apple. Many customers prefer Apple for it’s user friendly components which are very simple in comparison to Samsung’s confusing and unorganized home layout screens and internal system. Apple offers much better customer service and in-store experiences, which are the primary reasons why Apple is much more successful than Samsung. According to The Atlantic, if Apple was a country, it’d be the 55th richest country in the world tying with St. Kitts and Nevis. (World Atlas) Overall with the influence of a market system, Apple is better than Samsung because of it’s promises and services it provides to it’s users. (Bajarin) In conclusion, competition and innovation are highly encouraged in a market economy, which allow products to be created with

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