What is a mixed economy?

A mixed economy is a system that combines elements of both market and command economies.

In a mixed economy, both private businesses and the government play significant roles in economic decision-making.

For example, while businesses might compete freely in most industries, the government might regulate or control essential services like healthcare, education, and transportation to ensure public welfare.

Most modern economies, including those of the United States and many European countries, are mixed economies.

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