An economic system is an organized approach to producing and distributing goods and services. It is scarcity (in economic theory, the limited availability of resources and goods; the excess of wants over needs), which creates a need for economic systems. There are different types of economic systems in which all are believed to be the correct solution when it comes to scarcity. Capitalism is based on an approach to economics that promotes private enterprise. In …
showed first 75 words of 1439 total

showed last 75 words of 1439 total
…reason that Canada should remain a mixed economy where there is an amount of government involvement in economic decision making. Lastly, as a mixed economy people still have incentives as well as individualism to make a profit. In Canada there is some government involvement in the economy, but people have the freedom and individualism to do as they wish like in Capitalism. As a mixed economy Canada places a high value on choice and freedom.