The economic system in which resource are privately owned dis known as

The economic system in which resources are privately owned is known as capitalism. In this economic system, the means of production such as factories, machines, and land are owned by private individuals or businesses. The primary motive for economic activity is profit, and the market determines the price and quantity of goods and services produced. The government's role in this system is usually limited to regulating business activities and enforcing contracts. Capitalism has been widely adopted by many countries, particularly in the Western world, and is considered the most efficient economic system for generating wealth and promoting innovation.