Which type of economy is run by the businesses & business owners?

Capitalism.

Explanation:

Capitalism is said to be the economic system and also a political system in which most of the businesses are owned and operated by individuals, this could be seen as a free market system.

A system can be called capitalist when these features are found in their modes of trading; voluntary exchange, economic freedom, private property rights, competition and lastly the profit motive. And this is found in many countries of the world in recent times against the socialist economy many other countries were used to.