Asked by Melissa Brown on Jul 15, 2024
Verified
Of the following countries, which one best exhibits the characteristics of a market economy?
A) Canada
B) Cuba
C) North Korea
D) Belarus
Market Economy
An economic system in which supply and demand from consumers direct the production of goods and services.
- Examine the particulars and outcomes of market economies in opposition to command economies.
Verified Answer
MK
Matthew KonicekJul 22, 2024
Final Answer :
A
Explanation :
Canada is a country with a predominantly market-oriented economy, characterized by free trade, entrepreneurship, competition, and private ownership of property. The government only intervenes in specific areas such as public services, social welfare, and the regulation of the financial sector. Cuba, North Korea, and Belarus are socialist countries with state-planned economies, in which the government controls almost all aspects of economic activity, and private property is limited.
Learning Objectives
- Examine the particulars and outcomes of market economies in opposition to command economies.