Which of the following best describes an economy that encourages private ownership and free market operations?

The choice that best describes an economy encouraging private ownership and free market operations is capitalism. In a capitalist economy, the means of production and distribution are predominantly owned by private individuals or corporations, as opposed to being controlled by the state. This structure promotes economic freedom, where consumers and businesses make decisions based on supply and demand in an open market, allowing for competition, innovation, and efficient allocation of resources.

In contrast, mixed economies incorporate elements of both private enterprise and government intervention. While they do include private ownership, the presence of significant government involvement distinguishes them from pure capitalism. Planned economies, on the other hand, rely on central planning where the government makes all economic decisions, thereby minimizing the role of private ownership and market forces. Finally, an administrative economy is not a standard term used in economics and does not accurately represent any recognized economic system like the others do.

Therefore, the defining feature of capitalism is its robust endorsement of private property and the mechanisms of a free market, making it the most fitting answer.