Q:

What type of economy does Canada have?

A:

According to Economy Watch, Canada has a market-oriented economy similar to that of the United States. The Canadian economy differs from that of the United States because Canada focuses more on exporting goods than importing them. CanadaFAQ.ca notes that the primary industries that contribute to the economy are the service sector, agriculture, energy and manufacturing.

Economy Watch notes that the advanced Canadian economy is unique because its primary industries are oil and logging. Canada is the 10th largest exporter of oil in the world and the third largest exporter of natural gas, as of 2010. The country has the 21st largest amount of proven natural gas reserves and second largest oil reserves in the world. Aircraft and automobile manufacturing are also large components of the economy. The low cost of labor and the comprehensive Social Security and healthcare systems sponsored for employees by the government make the country a good place for automotive and aircraft manufacturers to build manufacturing plants.

CanadaFAQ.ca notes that the country is also well-known for its wireless products and plastics production. Canada is a large exporter of organic foods to Europe, Japan and the United States. The country's cold climate and fertile soil provide optimal conditions for growing foods without the use of chemicals or pesticides.

Learn More

Related Questions

  • Q:

    What are the limitations of cardinal utility analysis?

    A:

    The limitation of cardinal utility analysis is the difficulty in assigning numerical value to a concept of utility. Utility is comparable on a scale, but not easily quantifiable. In other words, the utility of a good or service cannot simply be measured in numbers in order to determine its economic value.

    Full Answer >
    Filed Under:
  • Q:

    What is a logical assumption?

    A:

    A logical assumption is an assumption that follows sound logic and supporting evidence. It also acknowledges that variables which may make the assumption false do not exist.

    Full Answer >
    Filed Under:
  • Q:

    What are the objectives of SEBI?

    A:

    The Securities and Exchange Board of India regulates the securities and investment markets in India. The primary objective of the board is to maintain efficient and stable markets by establishing and enforcing rules and regulations in the marketplace.

    Full Answer >
    Filed Under:
  • Q:

    What is unitary elasticity?

    A:

    In the field of economics, the term "unitary elasticity" refers to a situation in which a shift in one factor leads to a proportional or equal shift in another factor, leaving original outcomes in place. This is particularly important with regard to the setting of prices; when unitary elasticity is at work in a market, it is impossible to change revenues by changing the unit price.

    Full Answer >
    Filed Under:

Explore