Hi, my name is Evan and I am going to tell you a story of my adventure into different countries.
I am heading towards China, a very unique place that is nothing like any other.
China is known for its crowded population and it is also has a very popular system of government: Command Economy - An economy in which resources are owned and controlled by the government.
Not only does Canada have a Market Economy, it has the 4 principles of Capitalism: Freedom of Choice, Profit, Competition, and Private Ownership.
Canada has what is called a Market Economy - An economy in which the resources are owned and controlled by the people of the country.
I am going to Canada.
I'm in Toronto right now!
Freedom of Choice - describes an individual's opportunity and autonomy to perform an action selected from at least two available options, unconstrained by external parties.
Competition - when business compete for profit and overall king. This is beneficial because businesses then produce better goods or services for the consumer.
Private Property - a legal designation for the ownership of property by non-governmental legal entities. This is beneficial because it allows businesses to do their business the way they want which helps consumers have more of a variety.
Profit - a financial gain, especially the difference between the amount earned and the amount spent in buying, operating, or producing something. This is beneficial because you need profit in order to be successful.
I'm in the snowy mountains - what Canada is known for!