What term describes an economic system with free enterprise alongside government control?

A mixed economy combines elements of free enterprise and government control. In such a system, private individuals and businesses have the freedom to operate and make economic decisions, such as what to produce, how to produce, and for whom to produce. At the same time, the government intervenes in the economy to regulate certain activities, provide public goods and services, and ensure a measure of economic stability and equality. This balance allows for the benefits of a market-driven economy while also addressing issues that unregulated markets may not adequately resolve, such as income inequality or externalities like pollution.

Other economic systems like a planned economy rely heavily on government control without the free enterprise element, while a capitalist economy emphasizes minimal government intervention, focusing mainly on private ownership and market forces. Similarly, a socialist economy traditionally involves more government ownership and regulation without the same reliance on free enterprise, as seen in mixed economies. Thus, the concept of a mixed economy accurately reflects the coexistence of both free market principles and government oversight.