Which economic system is primarily characterized by the private ownership of resources and the production of goods driven by profit motives?

The economic system primarily characterized by private ownership of resources and production driven by profit motives is called capitalism. In capitalism, individuals or businesses own and manage resources like land, labor, and capital to create goods and services. The main goal is to make a profit, which encourages innovation and efficiency. For example, a small bakery might decide to create unique pastries that attract customers, helping it earn more money while also fulfilling people's desires for tasty treats. This system thrives on competition, where businesses strive to offer better products at lower prices, ultimately benefiting consumers.