Final answer:
The correct answer is option 2. Individual ownership of property is a key element of capitalism, which is an economic system that gives individuals private property rights and minimizes government intervention.
Step-by-step explanation:
Individual ownership of property is a fundamental component in an economic system known as capitalism. In a capitalist economy, the means of production are primarily owned and controlled by private individuals and businesses. This stands in contrast to other economic systems such as socialism and communism, where property and resource management lean towards public or state ownership.
In looking at the various economic systems mentioned, socialism does allow for some private ownership but with significant government oversight especially for essential services. This is different from communism or a command economy where the state holds the primary ownership of all means of production. Utopianism is a theoretical framework that imagines an idealized society, often with a communal approach to property.
Therefore, among the provided options, capitalism is identified as the economic system that emphasizes individual property ownership. Capitalism is the correct answer to this question, as it operates on the principles of private property rights, market competition, and limited government intervention in economic affairs.