A mixed economic system is an economic system that incorporates elements of both market-based allocation and government intervention. In a mixed economy, resources are allocated through market mechanisms, such as supply and demand, but the government also plays a significant role in regulating and influencing economic activities. The government may implement policies to address market failures, promote social welfare, and ensure economic stability. The degree of government intervention can vary, ranging from minimal intervention to extensive government control and ownership of key industries. Mixed economies aim to combine the efficiency and innovation of the market with government interventions to achieve both economic growth and social welfare. Understanding the concept of a mixed economic system helps in analyzing the role of the market and the government in resource allocation and economic management.