Which of the following options suits best for the capitalist economy?

There is private ownership on means of production Production takes place for selling the output in the market There is sale and purchase of labour services at a wage rate All of the above

All of the above

A capitalist economy can be defined as an economy in which most of the economic activities have the following characteristics (a) there is private ownership of means of production (b) production takes place for selling the output in the market (c) there is sale and purchase of labour services at a price which is called the wage rate.