What type of economy combines private enterprise with government regulation?

A mixed economy is characterized by the combination of private enterprise and government regulation. In this system, individuals and businesses own the means of production and operate for profit while the government plays an essential role in regulating the economy, providing public services, and addressing market failures. This balance allows for a flexible approach to economic management, where the benefits of entrepreneurship and market competition coexist with the need for regulations to ensure equity, consumer protection, and equitable resource distribution.

In a mixed economy, the government's involvement may take the form of setting regulations to control monopolies, implementing labor laws, and providing social safety nets, while still encouraging private ownership and market competition. This hybrid approach aims to harness the advantages of both free-market and planned economic systems, promoting innovation and economic growth while mitigating the risks associated with unchecked markets.