Canadian Market Economic - Research Paper Example

To accomplish this pure, here an effort has been to made to examine the macroeconomic structure of Canada. In chapter 1, the paper will discuss the economic and political structure of Canada, the economic social values of the country and characteristics of Canadian factors of production. Chapter 2 will explain the demand and supply structure of the Canadian economy. Finally, Chapter 3 will talk about the price control mechanism of the country. Chapter 1 1.1. Types of the economy and political structure Canadian economy is one of the wealthiest economies in the world as it is one of the top ten net exporters of energy.

It is a member of OECD whose full form is Organization Of The Economic Cooperation And Development. As other developed nations, Canadian economy is also dominated by the service sector. There are two major economical sectors in Canadian economy. One is the service sector which comprises of seventy-five percent of the country’s population. The contribution of the service sector to Canada’s Gross Domestic Product is nearly about seventy percent. The other sector is the agricultural sector. Although this sector contributes only two percent to the country’s Gross domestic Product, a huge proportion of the labor force of the country is employed in the agricultural sector. . His tenure is for about five years.

(Lympany, n.d) The house of Parliament is situated in Ottawa, the capital city of Canada. The Canadian parliament consists of the Head of the state represented by the Queen, the Senate and the elected House of Commons. The Federal Government of Canada has the power to make laws on various subjects like defence, immigration, criminal law, international peace, border control and customs. (Lympany, n.d) 1.2 Social values of Canada One of the social values in Canadian culture is peace. Canadian people are basically peace loving people and that is very much reflected in their business dealings.

Thus hostile business attitudes are not quite common in the Canadian market economy. Of course, competition is there in every economic sphere, but entrepreneurs are generally involved in healthy business competition. Another social value is that they maintain a unique blend of collective responsibility and individual autonomy. They also have an attitude of tolerance and acceptance. Canada is also known for the level of economic freedom that it offers. In the world, one of the highest level of freedom in economic terms is available in Canada.

(Canada25, 2010) 1.3. Characteristics of Canadian Factors of production There are various factors of production in Canadian economy. One of them is land. It is one of the primary factors of production. It is one of the natural resources gifted by GOD and its tangible. But its supply is limited to an extent. It cannot be moved from one place to the other nor can be destroyed. It varies in terms of fertility depending on the nature of location. In terms of land ownership, absolute ownership is not present in Canada.

In this second largest country of the world, the