A mixed economic system is an economic system that combines elements of both market-based allocation and government intervention. In a mixed economy, resources are allocated through market mechanisms, but the government also plays a significant role in regulating and influencing economic activities. The degree of government intervention can vary, ranging from minimal intervention to extensive government control and ownership of key industries. In a mixed economic system, the private sector operates alongside public enterprises, and the government implements policies to address market failures, promote social welfare, and achieve economic stability. Mixed economies aim to combine the efficiency and innovation of the market with government interventions to ensure equitable distribution of resources and address societal concerns. Understanding the concept of a mixed economic system helps in analyzing the role of both the market and the government in resource allocation and economic management.