The economic system based on private ownership is called capitalism. In a capitalist system, individuals or businesses own and control property, goods, and services, with minimal government intervention. Market forces of supply and demand primarily regulate prices and production. Capitalism promotes competition, innovation, and consumer choice, driving economic growth. However, it can also lead to inequalities, as wealth and resources become concentrated in the hands of a few. Critics argue that unregulated capitalism can result in exploitation and environmental degradation, while supporters highlight its role in fostering prosperity and technological advancement.