Which economic system primarily focuses on profit motives and private ownership?

The economic system that primarily focuses on profit motives and private ownership is capitalism. In a capitalist economy, individuals and businesses own most of the resources and means of production. The fundamental principle is that the production and pricing of goods and services are driven by competition in a free market, where participants seek to maximize their profits. This focus on individual entrepreneurial spirit and personal property rights facilitates innovation and economic growth.

In contrast, mixed economics incorporate elements of both capitalism and socialism, allowing for both private and public ownership, which means they do not singularly emphasize profit motives. Socialism, on the other hand, emphasizes collective ownership and the redistribution of wealth, seeking to reduce inequalities rather than focusing solely on profit generation. Traditional economies are characterized by subsistence farming and barter systems and do not operate primarily on profit motives or capitalist principles.