Which economic system allows individuals to own and control businesses?

The free enterprise system allows individuals to own and control businesses with minimal government interference. This economic model is characterized by private ownership of resources and means of production, where personal initiative and competition drive economic activity. Individuals and businesses have the freedom to make decisions regarding production, distribution, and pricing based on supply and demand in the marketplace.

In this system, entrepreneurs can start new businesses, invest in their ideas, and compete with others, leading to innovation and growth. The emphasis on individual rights and responsibilities fosters an environment where people can pursue their own economic interests, which is fundamental to the concept of capitalism.

Other economic systems like socialism or a command economy have different approaches to ownership and control, typically involving more government regulation or ownership of businesses and resources. For example, a socialist system focuses on collective or government ownership to promote equality, while a command economy assigns production and resource allocation decisions to the state. These systems do not provide the same level of individual control over businesses as the free enterprise system does.