Final answer:
A mixed economy combines elements of both command and market economies, with varying degrees of government intervention and market freedom. The U.S. has a market-oriented mixed economy, while nations in Europe and Latin America have more government involvement.
Step-by-step explanation:
A mixed economy is best described as an economic system that integrates elements of both command and market economies. In a mixed economy, there is a blend of public and private ownership, and both market forces and government decisions play significant roles in the economy. For example, the United States has a mixed economy that is more market-oriented, whereas many European and Latin American countries have mixed economies with a larger degree of government intervention.
Countries like China and Russia have transitioned toward market-oriented systems over the past several decades but are still closer to the command economy end of the spectrum. Organizations such as the Heritage Foundation and the Cato Foundation provide assessments of how free and market-oriented different countries are, giving insight into the mixed nature of their economies.