Which of the following is a "Feature" of a capitalist economy?

Main motive is profit maximization Private ownership of capital and land Both 1 and 2 Neither 1 nor 2

Both 1 and 2

Following are the features of a "Capitalist economy" There is a private ownership of means of production. Production takes place for selling the output in the market. There is sale and purchase of labor services at a price which is called the wage rate.