Which of the following is a "Feature" of a capitalist economy?
Answer & explanation
Correct answer: option 3
The correct answer is option 3: Both 1 and 2
Both statements are features of a capitalist economy:
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Main motive is profit maximization: In a capitalist economy, businesses aim to maximize profits, which drives innovation and efficiency.
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Private ownership of capital and land: Capitalist economies are characterized by private ownership of production resources, including land and capital, allowing individuals and businesses to operate freely in the market.