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Every human society must ask itself three questions.

What to produce?

How to produce?

Whom to produce for?

Today we are going to try and answer these questions. See who decides to answer the questions for the country of Canada, and see what economic styles are better, planned economy, market economy, or controlled economy.

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On this website basic answers are provided for the questions. Here I was able to learn that a country must make produce products That are for sure profitable. By having a noticeable supply demand equilibrium that is found attractive to suppliers. For how to produce the question becomes what is the least expensive way to produce this good. A good example of this would be do we rely on a human labour force or machines. You would have to pay humans hourly which would be a costly expense where as machines would only cost you in overhead. Whom it is produced to is asking yourself who your target audience is depending on there disposable income. Thus making your good something people from that category would want to buy.

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The Central problems of what and how much to produce; how to produce and for whom to produce are determined by the free price mechanism.

Let us consider the first question: 'which commodities are to be produced and in what quantities? The commodities which do not command positive prices in the market would not be produced. Therefore only those commodities with positive prices are to be produced and in such a way that would clear the markets.

The quantity in which a commodity is to be produced is set at that level where demand equals supply. If quality produced is more or less, then there will be dis equilibrium in the market and price will fluctuate. Hence, to maintain stable equilibrium price it becomes necessary to make demand and supply equal. This rule is applicable for each commodity. In this way, first central problem is solved.

In context of this it is: 'which techniques are to be adopted'? Technology means the correct proportion in which the different factors of production are to be employed. There are two types of techniques. A labour-intensive technique would employ relatively more labour and less capital. On the other hand, capital- intensive technique means more capital and less labour.

The choice of technique depends on the prices of the factors of production. That is, if labour is cheap and capital is expensive, a labour-intensive technique would be considered and vice-versa. The prices of labour and capital are determined by the demand for and supply of labour and capital respectively .In this way, the second problem will be solved.

The solution of this problem is very simple commodity can be consumed only by people who have more purchasing power. Price mechanism determines the income of the workers, i.e.; purchasing power. The purchasing power of the owner of capital is determined in the same way. Thus, when the price of every commodity and every factor of production are determined, the third problem will be solved.

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What to Produce, How to Produce and For Whom to Produce

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ADVERTISEMENTS: The Central problems of what and how much to produce; how to produce and for whom to produce are determined by the free price mechanism. (i) What to Produce: Let us consider the first question: 'which commodities are to be produced and in what quantities?

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Here we come to a understanding of the government's power of a supplier and a consumer. Canada is a mixed economy meaning there are plenty of regulations on the market the government also competes in the market itself.Through certain socialist and capitalist laws our government can intervene with the market. The pros are that the government can set market prices on items to help ensure affordability for consumers and set minimum wages for employees to afford some sort of standard of living. However there are cons too. The government can also raise taxes on products and uses tax money to provide people with welfare checks. Welfare is a way of income for people who don't have a job. The pay towards it comes from everyone else who pays there taxes and have jobs. The issue here is it provides a incentive to some people to not go out and look for a job and also the standard of this individual's living is dependent on the rest of the people in the country that are employed.  Thus proving that even a mixed economy has flaws. But how does this relate to three questions. Well it shows that canada's government has some power to set regulations into place can either benefit or detremint a certain product someone may wish to supply into the market.

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A mixed economy means that one part of the entire economy is being controlled and run by a certain country's government, while the other half is left to the free market. Most economies of the countries all over the world are mixed, and they only differ in terms of intervention by the state. This system usually begins by authorizing private enterprises to run the majority of businesses before the government intervenes with specific areas of economics, such as inflation protection and taxes. Great examples of countries running on mixed economy are Sweden, Iceland, the UK, France, the US, China, Russia and Hong Kong, just to name a few.

However, like most things in this world, this economic system also has its own share of advantages and disadvantages. So, which is really the best option for most countries? Will a mixed economy be good for a certain nation or will it just pull it downward? To get a well-informed answer to these questions, let us take a look at its pros and cons.

List of Pros of a Mixed Economy

1. Equal Distribution of Control
Unlike command economies that put the government primarily in charge, a mixed economy gives the government less regulation and control. This provides the private market with freedom to thrive, operate, expand and grow. Because most of the business is left in the hands of private entities, a great deal of service will be taken care of by groups other than the government. On the other hand, services that will not benefit those in the private sector, such as utilities, libraries, hospitals, roads and social security, are left to be handled by the government.

2. More Efficiency for Private Firms
As stated above, most of the business is left to the private firms, so these organizations are more likely to be efficient compared to groups that are controlled by the government, as they have profit incentive for being innovative and for cutting costs.

3. Freedom for Private Enterprise to Thrive On Their Own
In most cases, private companies can perform public service jobs more efficiently than the government itself. In addition, businesses can allow people to enjoy financial rewards for hard work. In a mixed economy, commercial organizations are given the freedom to manage their own business, hire and fire when necessary and even change the purpose of the business.

4. A Defined Role for the Government as Referee
With business left to private enterprises, the government can focus on the regulation of the market to improve economic stability and the country as a whole. When correctly implemented, the government's policy decisions may seem counter intuitive to the interests of businesses at first, but will actually provide greater stability in the long run. Plus, a mixed economy allows for a social safety net that provides safety for the people who are hit hard by difficult economic times.

5. Safe Haven from Poverty
A mixed economy can help create improved equality and can offer safety net that will prevent the people in a certain country from suffering absolute poverty. It even allows people to enjoy financial rewards of hard work and entrepreneurship.

6. Greater Chance for the Government to Implement Good Policies
This type of economic system is known for allowing government regulations in areas where market failure is experienced. This means that a region will have more space to develop and grow to attain economic success.

7. More Job Investments Coming In
For private companies to improve profits, they often will not try to increase income, but decrease expenditure instead by cutting down on employment. These days, this comes not only in the form of job cuts, but outsourcing as well. The cheap labor available throughout all corners of the globe has inspired companies to cut on jobs domestically and hire labor elsewhere to save more money.

This is something a government is less prepared to do, as shown by the UK's recovery from the 1930s crisis, as it would invest more in jobs to get out of its hole. By doing so, more people will find work in their own country, but would increase spending again.

List of Cons of a Mixed Economy

1. Challenge of Finding a Balance
One of the biggest issues that come with a mixed economy is finding a balance between wealth equality and market freedom. This is seen by a number of socialist and progressive thinkers. This problem can lead to lack of social mobility and wide-scale poverty.

2. Government Going Too Far
While sometimes the government does not go far enough, it can also go too far. Identifying the government's exact role in private enterprises is sometimes a guessing game that results to unfair practices exhibited on both sides. According to Libertarians, the government tends to manage an economy poorly, and as such, any of its involvements is considered wrong.

3. Excessive Intervention by the Government
Free market economists also criticize a mixed economy, as it allows excessive intervention of the government. Most governments are invariably influenced by short-term political factors.

4. Limited Corporate Size
In a mixed economy, the government might limit company sizes because of rules regarding anti-trust laws and monopolies. Here, companies may even be harshly taxed to support other economic aspects. Without particular security measures in place, entrepreneurial spirit may be destroyed.

5. Higher Taxes
More state intervention in the economy, of course, requires greater investment from the government, which largely comes from tax revenues. An argument against such intervention is that the more it is, the more the need for people to be taxed. This will lead to negative consequences, such as decreased motivation in work, as employees see a large proportion of their earnings going to the taxation agency.

Conclusion

In the end, the fact remains that the failure or success of a mixed economy still depends upon how it is being managed. Even the most ardent market economists argue that government intervention is definitely needed for protecting private entities. On your end, what do you feel about a mixed economy? Based on the pros and cons mentioned above, do you think it will do your country any good or will it just make situations even worse?

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12 Primary Pros and Cons of a Mixed Economy

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A mixed economy means that one part of the entire economy is being controlled and run by a certain country's government, while the other half is left to the free market. Most economies of the countries all over the world are mixed, and they only differ in terms of intervention by the state.

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This shows us the average income of canadians. Through this we are able to tell the disposable income of canadians and can get a idea for what would be good prices on products and how many people of the general population would have enough disposable income to afford what we are providing. This is really good information for anyone thinking of selling a product as it gives them a good idea of a number that should be supplied around the country.

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Newfoundland and Labrador

8.7% on the portion of your taxable income that is $39,147 or less, plus

14.5% on the portion of your taxable income that is more than $39,147 but not more than $78,294, plus

15.8% on the portion of your taxable income that is more than $78,294 but not more than $139,780, plus

17.8% on the portion of your taxable income that is more than $139,780 but not more than $195,693, plus

19.8% on the portion of your taxable income that is more than $195,693 but not more than $250,000, plus

20.8% on the portion of your taxable income that is more than $250,000 but not more than $500,000, plus

21.3% on the portion of your taxable income that is more than $500,000 but not more than $1,000,000, plus

21.8% on the portion of your taxable income that is more than $1,000,000

Prince Edward Island

9.8% on the portion of your taxable income that is $31,984 or less, plus

13.8% on the portion of your taxable income that is more than $31,984 but not more than $63,969, plus

16.7% on the portion of your taxable income that is more than $63,969

New Brunswick

9.4% on the portion of your taxable income that is $44,887 or less, plus

14.82% on the portion of your taxable income that is more than $44,887 but not more than $89,775, plus

16.52% on the portion of your taxable income that is more than $89,775 but not more than $145,955, plus

17.84% on the portion of your taxable income that is more than $145,955 but not more than $166,280, plus

20.3% on the portion of your taxable income that is more than $166,280

Quebec

Go to Income tax rates (Revenu Québec Web site).

Manitoba

10.8% on the portion of your taxable income that is $34,431 or less, plus

12.75% on the portion of your taxable income that is more than $34,431 but not more than $74,416, plus

17.4% on the portion of your taxable income that is more than $74,416

Saskatchewan

10.5% on the portion of your taxable income that is $46,773 or less, plus

12.5% on the portion of your taxable income that is more than $46,773 but not more than $133,638, plus

14.5% on the portion of your taxable income that is more than $133,638

Northwest Territories

5.9% on the portion of your taxable income that is $45,462 or less, plus

8.6% on the portion of your taxable income that is more than $45,462 but not more than $90,927, plus

12.2% on the portion of your taxable income that is more than $90,927 but not more than $147,826, plus

14.05% on the portion of your taxable income that is more than $147,826

Nunavut

4% on the portion of your taxable income that is $47,862 or less, plus

7% on the portion of your taxable income that is more than $47,862 but not more than $95,724, plus

9% on the portion of your taxable income that is more than $95,724 but not more than $155,625, plus

11.5% on the portion of your taxable income that is more than $155,625

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Canadian income tax rates for individuals - current and previous years

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Newfoundland and Labrador 8.7% on the portion of your taxable income that is $39,147 or less, plus 14.5% on the portion of your taxable income that is more than $39,147 but not more than $78,294, plus 15.8% on the portion of your taxable income that is more than $78,294 but

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This video discusses the three questions. But also the three styles of economies planned economy, controlled economy, and market economy. I believe the best system around is a capitalist one or a free market system. The free market empowers the individual instead of the state or government. Meaning each person has the decision on what to sell how they sell it and who they sell too. This helps suppliers charge the price that they find fair they also can supply people with the standard of quality they are willing to supply in there products, and if a individual couldn't afford a certain product for sure there will be a competitor who supplies the same product at less quality but a more affordable price. Even though i am stating i am Pro free market with products I do also hold some socialist values that we have in Canada that I feel are fair. One of those ideas being free health care as health care is what determines people's health and there shouldn't be a price on that.

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Economic Systems and Macroeconomics: Crash Course Economics #3

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This video helps us understand  the history of Capitalism and why there is such a negative connotation people of the general public have towards it. The video points out interesting ideas that sparked from capitalist thoughts. One being that slavery is a terrible work force idea and that workers should be compensated properly. The video points out that people tend to have there own self interests and goals behind everything which is very true, and that by letting people sell these skills or turn these ideas to products for sale then society will prosper.

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Below is a diagram of how resources are distributed into the economic system. The idea is that What to produce is basic resources How to produce is through the firms and the money supplied there. and Whom they produce for is the basic people

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I wrote earlier in Video 2 that there is a lot of negative connotations seen nowadays towards Capitalism. One of the reasons being is captialism is competitive and in order to succeed or win this competition you have to work hard. It doen't look out for everyone and not everyone wants to work hard. So currently Canada stands a s a mixed economy but with the current political climate we are moving towards a more socialist / communist government. They make these new moves toward this direction by dressing up the idea of equality of outcome by saying that equality of outcome does not exist because of other people's races, sexes, and sexual orientation.

Jordan Peterson in this video discusses how people make these moves in this direction. He also goes after the common idea that a real communism has never been achieved by saying it can never be achieved as the opportunity to take full power comes with it.

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Jordan B Peterson on "But That Wasn't Real Communism, Socialism, or Marxism!"

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All though I'm very pro capitalism. The system does have flaws as every system does in the world. In this photo they show what is good and what is wrong with capitalism. I still feel capitalism is a better system then a full socialism or full communism system.

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Just a interesting discussion between points of Capitalism and Communism. It's funny to read because many common people believe communism is about empowering the people. However throughtout history it has never been the case. It is important that people are educated how this economic system has been used in history.