Final answer:
A mixed economy features both private property ownership and some government regulation, blending market and command economy elements.
Step-by-step explanation:
The economic system characterized by private property ownership and some government regulation of the economy is known as a mixed economy. In a mixed economy, there are elements of both private enterprise and government intervention. The rights to own personal property enable individuals and firms to own resources and make decisions regarding the production and distribution of goods and services, while government participation can vary in extent, focusing on regulations that aim to maintain economic stability, protect the environment, and ensure social welfare.