An economy with elements of both a market economy, in which prices and the allocation of goods, services, and resources are determined by buyers and sellers carrying on business dealings with a high degree of freedom; and a command economy, in which the economy is planned and controlled by a centralized administration. Most economies in the world are mixed economies, with varying degress of control by the government.

The purpose of a mixed economy is to temper the unaccepted aspects of capitalism, such as social problems and a lack of universal utilities, while retaining its incentives and efficient allocation of resources. In mixed economies, governments usually seek to provide public services and intervene in utilities, in basic industries, and with regard to enterprises that cannot raise adequate capital investment from private sources.

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