Question

Define a mixed economy.

Answer 1

In this economy both government and private(market) sector take economic decision to run the economy.

A mixed economy has three or more characteristics.
1:It protects private property,
2:it allows the free market and the law of supply and demand to determine prices
3: they are driven by the motivation of the self-interest of individuals.

For example :- In India,we have mixed economy where the production/services can be run by Government as well as Private.