1. In the context of capitalism, what does the term 'private ownership' primarily refer to?
Ownership of means of production by individuals or private entities, allowing control over resources and profits.
Explication
Private ownership in capitalism refers to means of production being owned and controlled by individuals or private entities, which enables them to control resources, make decisions, and profit from their use. This is a fundamental feature that distinguishes capitalism from socialist systems, where the state or community owns resources.