In which economic system are trade and industry primarily controlled by private individuals?

The correct answer is capitalism. In a capitalist economic system, trade and industry are primarily owned and controlled by private individuals or corporations rather than the state or government. This ownership enables individuals to make decisions about production, distribution, and pricing based on market forces and their own interests.

In capitalism, the competition among private businesses drives innovation and efficiency, which can lead to economic growth. This system typically features minimal government intervention in the economy, except to enforce laws and regulations that maintain fair competition and protect property rights. The emphasis on individual entrepreneurship allows for a wide range of economic opportunities and contributes to the wealth generation within the society.

The other options, such as socialism and communism, refer to systems where the state plays a significant role in controlling economic activity and resources, with either collective or state ownership emphasized. Feudalism, on the other hand, was a socio-economic system based on land ownership and obligations rather than free trade or capitalistic enterprise.