An economic system where individuals are free to own business and make a profit is called capitalism.
What is capitalism?
Capitalism is a form economic system where basic economic problems of what to produce, how to produce and for whom to produce are answered by individuals who are profit seekers.
It is different from socialism where economic system is owned and controlled by the government for the good of its citizens such that profit making is not the main purpose of establishing businesses
The correct option in this case is capitalism because it is centered on the freewill to own business and make gains.
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