Consider the following statements with reference to the Capitalist Economy:
1. The economic system where the factors of production are controlled and regulated by private businesses.
2. Factors of Production include capital goods, labour, natural resources and entrepreneurship.
3. There is no government interference in the daily activities of the business.
Which of the above statements is/ are correct?
1
1 and 2 only
2
2 and 3 only
3
1 and 3 only
4
1, 2 and 3