Answer:
Capitalist economy refers to the economy where the means of production are controlled by capitalist forces (private individuals) for the motive of profit. In a capitalist economy, the production and distribution of goods and services were controlled by wealthy class in a competitive market. Private ownership, wealth accumulation, wage labor, and competitive markets are some characteristics of a capitalist economy. In an ideal capitalist economy, there should be no role of government in the economy of the country.