A mixed economy is an economic system that combines elements of both market and planned economies.

In this system, private ownership, the profit motive, and market forces operate alongside government ownership, public service provision, and state intervention in markets.

The relative balance between market and government roles varies across countries and over time, depending on economic priorities and social values.

A mixed economy aims to achieve the efficiency and innovation of a market system while using government intervention to promote equity and correct market failures.

However, it may also experience the disadvantages of both systems, such as inequality, bureaucratic inefficiency, and resource misallocation, potentially leading to lower overall welfare.