What economic system is characterized by private ownership of the means of production?

The economic system characterized by private ownership of the means of production is capitalism. In capitalism, individuals or corporations own and control the production and distribution of goods and services, leading to the establishment of markets that operate based on supply and demand. This system encourages competition and innovation, as businesses strive to maximize profits and efficiency.

In contrast, socialism emphasizes collective or government ownership of production, aiming for wealth distribution more equitable among members of society. Communism, which is often seen as a more extreme form of socialism, seeks to abolish private property altogether and implement a classless system where all resources are shared. Feudalism, meanwhile, is a historical system characterized by a hierarchy of land ownership and obligations, not driven by the profit motive in the same way as capitalism. Therefore, the defining characteristic of capitalism is its foundation on private ownership, making it the correct answer.