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Created with Fabric.js 1.4.5 CANADA U.S An Economy that has limited government involvement and runs on supply and demand within the private sector. Market Economy advantages advantages Market economies are not regulated by the government protocols Companies are able to keep up with the demand levels of consumers Some regulations will maintain the balance of competition in the economy When consumers use a product or service, the company then becomes more profitable which allows it to higher more workers. When people work they spend money which leads to a prosperous economy Equal amount of government and private sector involvementTaxes go towards public services and social programs which supports quality of life(free health-care, education, transportation)More stable than free market systems because government regulations can prevent inflation and cycles of recessionHelpful in increasing national production by both public and private sectors working togetherProblems created by private companies or too much control by government are reduced Private Sector Produce most goods and services which means more choiceInfluences economic forces of scarcity which determines prices of goods and services and ultimately success/failure of businessesRepresents 2/3 of total economic output to consumersMore innovative and competitive which means production of goods and services to meet consumer wantsThe majority of businesses in the US are privately ownedOperates more efficiently and makes better use of resources (land, materials, labour) Responsible for National Defense, road systems and administration of justiceRegulates monopolies Public Sector Disadvantages Too much deregulation leads to inefficiency and potentially unemployment due to insufficient salesIf too many businesses fail, it can cause a recession both nationally and globallyThere are a low amount of goods and services provided to the public in need . Government Regulations for safety requirements, health-care, education, transportationAgencies to regulate safety/welfare of citizens, safety requirements and financial mandates of businessesLimited involvement production inputRegulations promotes healthy balance of competition between businesses Limited Federal government ownership Disadvantages Businesses need to find their own markets and have no control over the taxes they payDoes not achieve optimal use of natural resourcesNot always efficient in meeting consumers needs so a lot of potential revenue is lostToo much regulation and high taxes curb consumer spendingCan be pro-Union and indifferent towards monopolies which reduces competition and less innovation Private Sector Businesses can still provide goods and services to meet consumers needs or wants and set their own pricesSuccessful businesses means increased production which means increased sales/profits which means more jobs which means more dollars for consumer spendingCompetitiveness can be challenging due to labour unions, monopolies and government owned companiesBenefits from taxes through social programs, roads, infrastructure elements, and other government services Public Sector Provides full funding for public school systems, as well partial funding for higher education nationwide which means graduates are better equipped to function/serve in businessesProvides funding for free health-care for all citizensRegulates imports and exports for manufacturing, agriculture, and natural resourcesProtects agricultural, natural resources and communication businesses and markets(Wheat Board, Dairy Board, NEB, CRTC) Federal government provides armed-services, public road-systems, public transit systemsFederal government regulations for education,health-care, transportation, safety requirements, communications and banks which protects consumer interests, promotes general public welfare and provides citizens to enjoy higher standard of livingFederal/Provincial government provides law enforcementHigher taxes collected by Federal government supports social programs(health-care, education) and wealth-transfers to provinces Government This graph represents how the increase in social services thatwe have in Canada corresponds tothe tax prices. We see here how the Canadian tax prices are higher then USbecause of it. Mixed Economy An economic system that is a combination of privet and public enterprise.
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