Which economic system where the factors of production are privately owned

Capitalism is the economic system wherein the means of production are privately owned. This differs from Socialism wherein the means of production are collectively owned. Airlines are a classic example of this. In the United States, a capitalist system, airlines are privately owned and work with the government to operate. In other countries, however, there may only be one airline per country and it is owned by the government.

answer; taking detailed notes during the interview;