Final answer:
A hybrid or mixed economic system combines elements of capitalism and socialism, with both government and private individuals involved in the ownership and control of resources and production.
Step-by-step explanation:
A hybrid or mixed economic system refers to a system that combines elements of both capitalism and socialism. In this system, the government and private individuals are involved in the ownership and control of resources and production. Some industries may be privately owned and operate under market principles, while others may be publicly owned and operate under government control.
For example, in a mixed economy, the government may provide social welfare programs and public services, while also allowing for private businesses to exist and compete in the market. This combination of features from both capitalist and socialist systems creates a hybrid economic system.