ICSE Class 9 Answered
What are the differences between the private and public
sectors?
Asked by Topperlearning User | 09 Jun, 2015, 02:23: PM
Expert Answer
Differences between the private and public sectors:
|
Private sector |
Public sector |
|
The private sector refers to all those occupations and economic activities which are owned and controlled by individuals. |
The public sector refers to all those occupations and economic activities which are owned and controlled by the government. |
|
The main aim of the private sector is to earn profits. |
The main aim is not only to earn profits but also to provide key services to the people at low costs. Hence, the public sector may incur loss. |
|
Demand and supply of market forces determines the production activity. |
The government takes the major decisions in the production process. |
Answered by | 09 Jun, 2015, 04:23: PM
ICSE 9 - Economics Applications
Asked by nitinmeena915 | 16 Feb, 2020, 12:36: AM
ANSWERED BY EXPERT
