Typically, The term "Mixed economy" refers to an economy with both
private and public sectors. In a mixed economy, there is a combination of free market capitalism and government intervention. The private sector consists of privately owned businesses and individuals who make decisions based on profit motives. The public sector includes government-owned enterprises and services that are operated for the benefit of the public.
In a mixed economy, the government plays a role in regulating and overseeing the economy to ensure fairness, protect consumers, and prevent monopolies. It also provides public goods and services such as infrastructure, healthcare, education, and social welfare programs. The government may also implement policies to promote economic growth, such as tax incentives or subsidies for certain industries.
The specific balance between the private and public sectors can vary in different mixed economies. Some countries lean more towards capitalism with limited government intervention, while others have a larger government presence in the economy. Mixed economies can be found in countries like the United States, Canada, Germany, and Australia.