Canada has a mixed system economy. It mostly operates on a market economy, but there is some government intervention in the industry. A free enterprise system is also noticeable in this economy in the competition between businesses. Canada’s GDP is $ 1.819 trillion, and it’s per capita GDP is $43,000. This figure ranks the economy in the 14th position globally. The high GDP is because of abundance in the four factors of production. Canada’s principal natural resources include iron ore, nickel, zinc, and copper. The petroleum sector in Canada is rapidly growing, with Alberta oil reserve ranking the country third globally only behind Saudi Arabia and Venezuela. 4.8 % of land in Canada arable, which is vast, considering it is the 2nd largest country. The economy has numerous industries, but its service sector accounts for much of Canada’s economy. Specialization is a component of the economy, with nearly 75% of exports being sold to the US. Literary rates are high, with 99% of the population over 15 years knowing how to read and write.
Labor is a scarce factor of production in Canada. Labor shortages are most critical in Atlantic Canada, British Columbia, and Ontario, particularly in the manufacturing, retail trade, and construction sectors. Strategies used by entrepreneurs to combat the labor shortage entail using less qualified and younger workers, improving efficiency through streamlining processes, and requiring staff to work for longer hours. XX(). Suncor Energy, for example, has strong HR policies that guarantee high employee retention, attract new ones who enhance its production capacity faster. The company provides benefits to employees, including pensions, allows for work-life balance, and competitive compensation. Additionally, the integrated energy company maintains a close relationship with labor unions that represent employees at the company’s facilities. Such practices eliminate the risk of sourcing labor for its current and future operations.