Economic system in which an individual rather than government owns the factors of production.

It is Capitalism

Explanation:

Capitalism is an economic system that is controlled by private ownership of factors of production by individual especially in the industrial sector. This kind of economic system rely on the enforcement of private property rights which provide capital or money for investment and the productive use of these capital. Examples of countries that practice capitalism are United States, Canada, Germany, Chile, Japan, South Korea, Bangladesh e.t.c

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answer; the above statement is (true);