Classify the types of sectors on the basis of ownership.
Answers
Explanation:
On the basis ownership industries are classified into private sector, public sector, joint sector and cooperative sector. ... (iv)Co-operative sector industries are owned and operated by the producers or suppliers of raw materials, workers or both.
Explanation:
Public Sector :
(i) The government owns most of the assets and provides all the services.
(ii) The purpose of the public sector is not first to earn profits. Government raises money through taxes to meet expenses on the services rendered by it.
(iii) Railways or post office is an example of the public sector.
Private Sector :
(i) Ownership of assets and delivery of services is in the hands of private individuals or companies.
(ii) Activities in the private sector are guided by the motive to earn profit. To get such services we have to pay money to these individuals and companies.
(iii) Tata Iron and Steel Company (TISCO) or Reliance Industries Ltd.(RIL) are examples of private sector.