What do you understand by "Mixed economy"?

Tthe correct answer is Option 3: Economy that considers the role of both private and public sector

Mixed economy is the economic system which involves the aspects of both socialism and capitalism. It integrates their features and work together for the betterment of society and upliftment of the economy at the same time. In this type of economy, the market provides those goods which it can produce efficiently and the government provides the essential commodities to people which the market fails to do.