What type of economy does Canada have?

Canada has a mixed economy, which is why this answer is correct. In a mixed economy, both the private sector and the government play significant roles in the economic system. This structure allows for a combination of free market principles and government intervention, ensuring that basic needs are met while still allowing for competition and innovation.

In Canada, the government regulates areas such as healthcare, education, and welfare to protect citizens and maintain equity, while the private sector drives growth and job creation through competition. This balance helps in addressing market failures and providing essential services to the population.

The other types of economies listed do not accurately describe Canada's economic structure. A capitalist economy focuses primarily on private ownership and market-driven practices, with minimal government intervention. A socialist economy prioritizes collective ownership and often entails substantial government control over resources. A command economy is characterized by centralized control and planning by the government, leaving little room for private enterprise or market forces. Therefore, Canada’s mixed economy is the most fitting description, capturing the essence of its economic system.