___________ is an economic system in which the means of production and distribution are privately owned and operated for profit. (1 word)

The answer to your question is "Capitalism."

Capitalism is an economic system characterized by private ownership of the means of production and the operation of these means for profit. In a capitalist system, individuals or corporations own land, factories, and other resources, and they are free to produce goods and services as they see fit. The distribution of these goods and services is determined by competition in the marketplace. Prices are set through supply and demand dynamics, which encourages innovation and efficiency. Overall, capitalism promotes individual economic freedom and is often contrasted with systems where the means of production are owned by the state or the community, such as socialism or communism.