Question

Which of the following are the charactenstics of capitalistic economy?

पर्याय

• There is private ownership of means of production·

• Production takes place for selling the output in the market

• There is sale .and purchase of labour services

• All of the above

Answer 1

All of the above

Explanation:

A capitalist economy is one in which the majority of economic activity share the following features. (1) private ownership of means of production (2) production for the purpose of selling the output in the market (3) sale and purchase of labour services at a price known as the wage rate (labour that is sold and purchased against wages is known as wage labour).