The term for an economic system that combines both public and private ownership is referred to as a mixed economy. This system integrates elements of capitalism and socialism, allowing for private enterprise alongside government-regulated industries and services. In a mixed economy, the state may provide essential services such as healthcare and education while allowing market forces to operate in other sectors. This blend aims to harness the advantages of both systems, aiming for economic growth, social welfare, and reduced inequalities, ultimately adapting to the unique needs of a society.