In which of the following economic system do we have mostly private ownership of resources and individual decision making?

Answer Details

The economic system that is characterized by mostly private ownership of resources and individual decision making is the capitalist system. In a capitalist system, resources such as land, labor, and capital are privately owned and individuals have the freedom to make their own economic decisions, including what to produce, how to produce it, and how to distribute it. The market forces of supply and demand determine prices and the allocation of resources, and the government plays a limited role in the economy.