Which component of the free enterprise system allows individuals to own property?

The concept of private ownership is fundamental to the free enterprise system, as it grants individuals the legal right to own and control property, including real estate, personal items, and businesses. This component encourages investment and innovation, as property owners can benefit directly from their investments and efforts. By allowing individuals to possess and manage their resources, the system fosters competition, which can lead to improved products, services, and overall economic growth.

The other components, such as consumer rights, government ownership, and market regulation, do not directly address the right of individuals to own property. For example, consumer rights focus on protecting individuals in the marketplace but do not pertain to ownership. Government ownership implies that property is owned and managed by the state, which contrasts with the notion of private ownership. Market regulation involves rules set by the government to ensure fair competition and protect consumers, but again, it does not encompass the principle of private ownership that is core to the free enterprise system.