The process by which something which was not a commodity before in market economy and is made into a commodity is known as:-

The correct option is Commoditisation.

Understanding Commoditisation:
Commoditisation (also referred to as commodification) is the social and economic process through which goods, services, ideas, nature, or personal relationships—which previously had no commercial value or were not traded in a market—are transformed into commodities. A commodity is any product or service that can be bought, sold, and traded in a market economy, carrying a specific exchange value (price tag).

Why the other options are incorrect:
- Capitalism: This refers to an overall economic system characterized by private ownership of production, market competition, and profit-driven enterprise. While commoditisation is a fundamental feature of capitalism, capitalism is the system itself, not the specific process of turning non-market entities into commodities.
- Labour power: This refers specifically to a person's capability to do work, which is sold to employers in a capitalist system. While labour power is an example of something that has been commodified, it is not the term for the general process itself.
- Mode of production: This is a sociological and economic term (often used in Marxist theory) that refers to the specific way a society organizes its economic production, such as feudalism or capitalism, encompassing both the forces of production and the relations of production.