Final answer:
The economic system of private ownership of land, means of production, and distribution is capitalism. Capitalism is driven by individual ownership and profit, differing from socialism and communism which involve more government control or ownership over production and distribution.
Step-by-step explanation:
The economic system described by private ownership of land, the means of production, and distribution is capitalism. In a capitalist economy, resources and means for creating goods and services are owned by individuals rather than the state or public entities. The driving force behind capitalism is the desire for profit. Market forces, like supply and demand, are what dictate the distribution of goods and services, prices, and the direction of the economy without much government intervention.
Unlike socialism or communism, capitalism emphasizes individual ownership and enterprise. In a socialist system, while there can still be private property, basic resources and means of production are controlled by the public or the government, and distributed based on community needs. Communism goes further by eliminating private ownership, with the government directly managing the economy, means of production, and distribution of goods and services. Looking back historically, the system of feudalism was characterized by private control of land but had a vastly different social structure and means of production, dominated by nobility and their lands, with peasants working the fields in a system based on obligations and protection - much different from the profit-driven motives in capitalism.