Which economic system is characterized by freedom to buy, sell, and produce?

The economic system characterized by freedom to buy, sell, and produce is capitalism. In capitalism, individuals and businesses have the right to own and control property, make decisions regarding the production of goods and services, and engage in voluntary exchanges in the marketplace. This system relies on supply and demand to determine prices and the allocation of resources, promoting competition and innovation.

Under capitalism, people's economic decisions are largely driven by their own interests, leading to a wide variety of goods and services to meet consumer needs. This freedom fosters an environment where innovation and efficiency can thrive, contributing to overall economic growth and development.

In contrast, socialism involves more government control and ownership of resources, which can limit individual freedoms in buying, selling, or producing. Feudalism is a historical system based on land ownership and obligations between lords and vassals, rather than individual economic freedom. Mercantilism is an economic theory that emphasizes state control and regulation of the economy to enhance national power, often at the expense of individual freedom in trade.