How are the fundamental economic decisions determined in Canada? A. These decisions are made by the country's elders who have had much experience in answering these questions. B. The government decides because Canada is a centrally planned economy. C. Individuals, firms, and the government interact in a market to make these economic decisions. D. The United Nations decides because Canada is a developing economy.

Question

Business

Harry

6 March, 09:43

How are the fundamental economic decisions determined in Canada? A. These decisions are made by the country's elders who have had much experience in answering these questions. B. The government decides because Canada is a centrally planned economy. C. Individuals, firms, and the government interact in a market to make these economic decisions. D. The United Nations decides because Canada is a developing economy.

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Answers (2)

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Averie Bond · Answer 1

Answer: The answer is C

Explanation:

The fundamental economic questions must be answered by every society irrespective of such society political structure. These questions occur due to the scarcity of resources.

(a) what to produce refers to the kind or quantities of goods and services to be produced. It is determined by the resources such as land, labour, and capital available in the society.

(b) How to produce refers to the combination of various resources and the techniques to use in production. The technique of production refers to the method of production used in the production of the goods such as capital intensive production technique or labour intensive production technique.

(c) For whom to produce refers to how to divide what has been produced among the consumers in the society. The question of for whom to produce will be decided by the taste and preference of individuals in the society.

Therefore, in a capitalist economy the market forces of demand and supply determined the prices of goods. The consumers is regarded as the king while the producers make decisions of what to produce, how to produce, and for whom to produce. In Canada, individuals, firm and the government interact in a market to make these economic decisions. in the sense that, Canada is operating a capitalist economy in which the ownership and control of resources are owned and controlled by individuals, firm and government.

Deon Daugherty · Answer 2

Correct answer is (C). Individuals, firms, and the government interact in a market to make these economic decisions

Explanation:

The economic decision of Canada are made by public private partnership. It is a tripartite committee formed by Individuals, firms, and the government representative to interact and form market policies in order to determine what economic decision that will improve growth within the country and also foster more trade relationship with other country.