Mixed Economy

Definition

A mixed economy is an economic system that combines elements of both market and command economies. It allows for private ownership of property and individual decision-making while also having some government intervention.

Related terms

Capitalism: An economic system based on private ownership of property and free markets with minimal government intervention.

Socialism: An economic system characterized by public ownership or control of key industries along with social welfare programs.

Public Goods: Goods or services that are provided by the government for everyone's benefit, such as roads or national defense.