An economic system in which individual control the productive resources is known as

Step 1: Analyze the question The question asks for the economic system in which individuals (private persons) own and control the factors of production (land, labour, capital, enterprise).

Step 2: Explain the concept Economic systems differ by who controls resources:

• Capitalism (free enterprise/market economy): Resources are privately owned and controlled by individuals and firms. The profit motive and the price mechanism drive production decisions.
• Communism: The state or community owns all resources, with no private ownership.
• Socialism: The government owns and controls the major means of production, with some private ownership.
• Freedomism and welfarism: These are not standard economic systems. Welfarism concerns the state providing for citizens' well-being, and "freedomism" is not an accepted economic term.

Step 3: Solve

• Individuals control resources, so this is private ownership.
• Private ownership of productive resources is the defining feature of capitalism.
• Options B and D involve state or collective control, so they are ruled out.
• Options C and E are not recognised economic systems in this sense.

Step 4: Answer The correct option is A. capitalism.

Tip: Link the owner to the system:

• Individuals → Capitalism
• State/government → Socialism
• Everyone collectively, with no private property → Communism

Features of capitalism worth remembering for exams: private property, profit motive, competition, consumer sovereignty, and the price mechanism. Well done for working through this carefully!