What economic system allows individuals to own resources and use them as they choose?

The economic system that allows individuals to own resources and use them as they choose is capitalism. In capitalism, private ownership of property and businesses is a fundamental principle. Individuals have the freedom to make decisions regarding the use of their resources, set prices, and engage in transactions based on supply and demand. This system encourages competition and innovation, as people can pursue their interests and profit from their ventures.

In contrast, socialism generally advocates for collective or government ownership of resources, leading to less individual control over property use. Communism takes this further by seeking a classless society where all property is communally owned, eliminating personal ownership altogether. Feudalism is a historical system characterized by land ownership by a few nobles, with peasants working the land, thus lacking the individual resource ownership found in capitalism. Each of these systems presents different degrees of ownership and control, but capitalism distinctly emphasizes individual ownership and personal choice.