Mixed economy is an economic system that combines elements of both capitalism and socialism. It aims to achieve a balance between free market competition and government intervention. In a mixed economy, private individuals and businesses are allowed to own and operate enterprises, while the government also plays a role in regulating and overseeing economic activities. This system allows for individual initiative and entrepreneurship, while also ensuring social welfare and reducing income inequality. Mixed economies can vary in the degree of government intervention, with some leaning more towards socialism and others towards capitalism. This system has been adopted by many countries around the world, as it seeks to harness the benefits of both market forces and government oversight for the overall well-being of society.