Economic system in which an individual rather than government owns the factors of production.

The Economic system in which in individual owns the factors of production is in the Capitalism, because this system is based on the private property an if in individual owns the factors of production it means they are private, so this happens in Capitalism.

It is Capitalism

Explanation:

Capitalism is an economic system that is controlled by private ownership of factors of production by individual especially in the industrial sector. This kind of economic system rely on the enforcement of private property rights which provide capital or money for investment and the productive use of these capital. Examples of countries that practice capitalism are United States, Canada, Germany, Chile, Japan, South Korea, Bangladesh e. t. c