Which economic system is characterized by private ownership of property resources and the use of markets and prices to organize and guide economic activities?

Explanation

The correct answer is Pure capitalism, an economic system where resources are privately owned and market mechanisms such as prices coordinate economic decisions. In contrast, a planned economy is controlled by the government, a closed or isolated economy limits external trade, and a market liberal economy refers broadly to open market policies but does not specifically define private ownership and price coordination as pure capitalism does.