How do free market and mixed economy differ?
A free market economy is one in which the means of production (land, labor, capital, and entrepreneurship) are held and owned by individuals. A mixed economy is (strictly speaking) one in which at least some means of production are owned by the government. In practice, it usually refers to an economy where some of the biggest firms are owned by the government, and a substantial portion of the GDP is generated by government owned firms.
