What economic system is characterized by private ownership of resources?

The economic system characterized by private ownership of resources is capitalism. In capitalism, individuals and businesses own the means of production and operate for profit. This system encourages competition and allows for the allocation of resources based on market demands and consumer preferences. Private ownership means that individuals have the right to buy, sell, and trade property, which fosters innovation and economic growth.

In contrast, socialism and communism advocate for collective or government ownership of resources, where the means of production are owned and managed by the community or the state, rather than by private individuals. Feudalism represents a historical economic system based on land ownership and a rigid social hierarchy, where land was owned by a few, and labor was provided by serfs in exchange for protection and sustenance. Each of these other systems fundamentally differs from capitalism, which emphasizes individual ownership and market-driven economies.