Which term refers to the part of the economy owned and controlled by businesses and individuals?

• A. Publicly owned
• B. Public good
• C. Privately owned
• D. Demand

Answer: (C)

Ownership and control of resources by private individuals and businesses defines the privately owned part of the economy. When resources are privately owned, decisions about what to produce, how to produce, and for whom to produce come from private owners aiming for profit, shaping markets and competition. This contrasts with government ownership. A publicly owned system means the state owns resources. A public good describes a type of good that benefits everyone and is typically provided by the government, not about who owns it. Demand refers to how much people want goods at different prices, not ownership.