What is the economic system called where trade and industry are controlled by private owners for profit?

The economic system where trade and industry are controlled by private owners for profit is called capitalism. In a capitalist system, individuals or corporations have the opportunity to own property and businesses, and they can operate them for their own financial gain. This system is characterized by competitive markets, consumer choice, and the potential for innovation driven by the profit motive.

Capitalism allows for the dynamics of supply and demand to set prices and allocate resources, which can lead to economic growth and increased production. It also emphasizes the importance of economic freedom and individual rights, where consumers and producers make decisions based on their preferences and interests.

In contrast to capitalism, socialism and communism involve varying degrees of government control over economic resources and the means of production, typically with the intent of promoting equality and collective benefits rather than individual profit. Feudalism, on the other hand, is an outdated system often characterized by a hierarchy of land ownership and obligations between lords and vassals, rather than a focus on trade and industry.