Which economic system includes both government organizations and privately owned businesses?

The mixed economy is characterized by the coexistence of government organizations and privately owned businesses. In this economic system, the government plays a significant role in regulating and guiding economic activity, while private individuals and businesses operate in a competitive market environment. This combination allows for a balance between free market principles and government intervention.

In a mixed economy, the government might intervene to provide public goods and services, regulate industries, and implement social welfare programs, addressing market failures and promoting economic stability. Simultaneously, the private sector drives innovation, efficiency, and consumer choice, responding to demand in the market.

This system aims to leverage the strengths of both capitalism and socialism to achieve a more comprehensive and equitable distribution of resources, while also ensuring economic growth. Overall, a mixed economy can harness the benefits of private enterprise while still providing for public interests, making it a pragmatic choice for many countries.