Which of the following is an economic system where the major

Which of the following is an economic system where the major means of production are privately owned

Mercantilism

Monopoly

Normative system engineering

Capitalism

Utilitarianism

Solution

Capitalism is a structure where mostly firms are owned and controlled by private individuals and there is no interference by the government. The motive of the firms is to earn more and more profits. Whereas in a socialist structure the firms are owned and controlled by the government and the main aim is welfare of the society and not to earn profits.