Which of the following best describes capitalism?

The best description of capitalism is an economic system controlled by private owners for profit. This definition captures the core principles of capitalism, which primarily include private ownership, market competition, and the profit motive. In capitalism, individuals or businesses own the means of production and make decisions about what to produce and sell based on supply and demand. The idea is to maximize profits while also allowing consumers the freedom to make choices that drive market trends.

The other options do not align with the fundamental characteristics of capitalism. A government-controlled economic model for sharing resources refers more to socialism or communism, where the government plays a central role in the economy. A cooperative economy run by community boards describes a structure more akin to a cooperative or communal economy, where resources and profits might be shared among members rather than privately owned. Lastly, an approach where the state owns all means of production aligns with a command economy or socialist model, which contrasts sharply with the principles of private ownership that define capitalism.