What best describes a mixed economy?

A mixed economy is characterized by the coexistence of both private enterprise and government involvement in economic activities. This means that in a mixed economy, businesses can be privately owned and operated while also being subject to government regulation and oversight. The government may intervene to regulate industries, provide public goods, and address economic inequalities, among other roles.

This dual structure allows for a blend of the efficiencies often associated with capitalism—such as innovation and competition—with the social welfare goals typically pursued in socialist systems, such as equity and consumer protection. Such a system aims to harness the benefits of both private initiative and government oversight to create a balanced economic framework.

The other options describe different economic scenarios that do not align with the mixed economy concept. For example, an economy with only government-owned enterprises would reflect a command economy, focusing on state control rather than a blend of private and public sectors. An economy solely focused on agricultural production would represent a more specialized or agrarian economy, while the absence of consumer protection laws could indicate a lack of regulation and oversight, typically not present in a mixed economy.