Question

an economic system based on private ownership of resources in a free market, in which individuals and businesses produce goods and services to make money is called:

○ socialism

○ no answer text provided.

○ capitalism

○ communism

Explanation:

To solve this, we analyze the definitions of each economic system:

• Socialism: Emphasizes social ownership and planned economy, not private ownership in a free market.
• Communism: Aims for a classless society with common ownership, not private ownership for profit.
• Capitalism: Is defined by private ownership of resources, free - market operations, and individuals/businesses producing goods/services for profit (to make money). The option "No answer text provided" is incorrect as we can determine the answer.

Answer:

C. Capitalism