Final answer:
Economic freedom is the right of individuals to make economic decisions, including the right to own property, and it is essential for economic growth but requires regulation for market safety and fairness.
Step-by-step explanation:
Economic freedom refers to the rights of individuals and firms to make their own economic decisions, such as what goods and services to buy or sell, without undue restrictions from the government. This includes the right to own property, as property rights are fundamental for enabling individuals to use, manage, and trade assets as they wish, contributing to economic growth and personal financial autonomy. However, economic freedom is not absolute; it is balanced by the need for regulation to ensure safety and fairness in the market.
Therefore, the correct answer to the student's question is B. Economic freedom is the right to own property.Economic freedom is the right to make decisions about buying or selling goods and services without restrictions by a governing body. It allows individuals to own property and use it as they see fit, including the right to enter into contracts with others. Economic freedom is not limited to rich or poor countries, but it is an important factor for economic growth.