Which of the following asserts that all factors of production should be privately owned?

A market economy is characterized by the notion that all factors of production should be privately owned. This system relies on individual decision-making and voluntary exchanges in the marketplace, allowing buyers and sellers to determine prices and allocate resources based on supply and demand. In a market economy, private property rights are fundamental, encouraging innovation and efficiency as individuals and businesses seek to maximize their profits.

In contrast, other economic systems prioritize different forms of ownership. A command economy, for example, typically involves significant government control over resources and production, with the government making the majority of economic decisions. Similarly, a planned economy emphasizes central planning by the government, while a socialist economy advocates for collective ownership and management of production resources, intending to distribute wealth more equitably among the population. Thus, the emphasis on private ownership in a market economy is what differentiates it from these other systems.