What makes an economy a mixed economy?

1. Pure capitalism and communism are the two extremes, and real economies fall somewhere between them. 2. A mixed economy is one that combines several economic systems in the same country. 3. Typically the government owns certain industries while others are owned by the private sector. 4. Land and businesses are largely privately owned, but the government controls some enterprises and the private sector stays large. 5. The government is also extensively involved through taxing, spending and welfare activities. 6. Trading with other systems and admitting foreign ownership are features of openness, not of a mixed system. 7. Moving between growth and recession is the business cycle, which every system experiences. _Source: OpenStax Introduction to Business (CC BY 4.0), Ch 1 "Understanding Economic Systems and Business", section 1.3 How Business and Economics Work_