Virtually all modern economies are examples of mixed economies, as they incorporate at least some aspects of both market and command economies. Most European countries are significantly mixed, with some markets representing a market economy while others, command. Examples include: France (government ownership of core services), Sweden (1/3 of all corporations are owned by the government). The United States, on the other hand, is more of a market economy with traits of a mixed economy.
Advantages: In a market/mixed economy, individuals determine the prices due to the freedom to (not) purchase goods. Also, due to minimal government interference, profit incentives encourages competition.
Disadvantages: Market Economies could also be a double-edged sword. Because the businesses are not regulated and the main goal is profit, monopolies could undermine competition and disenfranchise consumers. In a market economy, only the useful/productive few can thrive. If a person cannot work due to age/sickness they will also fall into poverty. Wealth distribution is also an issue, as business can charge however they want for labor.
In a market economy, the consumers determine the products to be produced. If demand for a product increase, supply should increase as well. How something is produced is determined by the businesses. Because they are after profit and economic gain, business will try to be as efficient as possible and use the least amount of resources. This could involve lots of machinary instead of labor or outsourcing to other countries. The products are made just for the people, because they demand it.