Which economic system is characterized by private ownership and the freedom of individuals to operate businesses as they see fit, often referred to as a free market?

The economic system that is characterized by private ownership and the freedom for individuals to operate businesses as they wish is called capitalism. In capitalism, people can start their own companies, sell products, and make profits without too much government control. This system encourages competition, which can lead to innovation and better products for consumers. For example, if someone creates a unique gadget that people want, they can sell it and keep the profit, motivating others to create new ideas as well. Overall, capitalism allows for personal freedom in economic activities, which can lead to growth and wealth in society.