Scarcity In The Canadian Economy

Want to read the rest of this paper? Join Essayworld today to view this entire essay and over 50,000 other term papers

on these basic problems, and possible solutions, we have to derive an economic system.
In Canada most decision are made in the market . Consumers by their dollar votes decide what goods and services will be produced. Businesses, responding to the profits to be made from producing goods and services consumers want, hire the necessary resources. But some of the solutions given by the market are not acceptable, so Canadian governments intervene and impose different ones. The Canadian economy, then, is a mix economy system, with the market system predominating.
There are some ways to solve this problem. First, Canada must employs all its available resources and producing goods and services at least cost. Second, the available supplies of the factors of production are fixed in both quantities and quality. They can be reallocated, within limits, among different uses. Third, the economy is producing only two goods: consumer goods or capital goods . And last, Canada must choose among ...

Get instant access to over 50,000 essays. Write better papers. Get better grades. Already a member? Login

CITE THIS PAGE: