Canada has a mixed economic system that is about 78% ______________ and 22% _____________
Canada has a mixed economic system that is about 78% market-oriented and 22% state-controlled.
Canada has a mixed economic system that is about 78% market-based and 22% government-controlled.
To find the answer for the missing terms in the statement, we need to understand Canada's economic system. Canada has a mixed economy, which means it combines elements of both a market economy and a planned economy.
In a market economy, also known as capitalism, the production and distribution of goods and services are primarily determined by supply and demand in the market. Private individuals and businesses own the resources and make decisions based on profit motives. On the other hand, in a planned economy, also known as socialism or a command economy, the government controls the production and distribution of goods and services.
In the case of Canada, about 78% of its economy can be considered market-oriented or private sector-driven. This means that a significant portion of the economic activities are conducted by private individuals and businesses, and the market forces of supply and demand play a substantial role.
The remaining 22% of Canada's economy can be attributed to government intervention and control, which implies a planned economic aspect. The government plays a role in sectors such as healthcare, education, social welfare programs, and industries of economic and national importance, where public goods and services are provided.
Therefore, the missing terms in the statement are "private sector" for the 78% market-oriented aspect and "government-controlled" or "public sector" for the 22% planned economic aspect.