Final answer:
a) Capitalism
The part of the economy consisting of private individuals and privately-owned businesses is best associated with Capitalism, an economic system emphasizing private ownership and profit motive.
Step-by-step explanation:
The part of the economy made up of private individuals and privately-owned businesses is associated with option a) Capitalism. Capitalism is an economic system characterized by private ownership of the means of production and the pursuit of profit. In a capitalist economy, decisions about what to produce are determined by individuals and firms, with little to no government involvement in these market decisions. Such an economic system emphasizes economic freedom, voluntary exchange, and competition, allowing private enterprisers to operate based on their own best interest.
In contrast, socialism and communism are systems where the government has a more centralized role in the control and distribution of economic resources, often leading to collective, state ownership of property. Mercantilism is an economic theory and practice, that was prominent in Europe from the 16th to the 18th century, focusing on trade and accumulation of wealth through a positive balance of trade, notably and largely enforced by the state.