Question

Diference between public sector and private sector

Answer 1

Definition of Public Sector

Public sector refers to:

government-owned organizations, and

government-provided services

(Note: public sector entity is different from a publicly-held entity.)

Definition of Private Sector

Private sector refers to:

organizations that are not government owned, and

the goods and services provided by organizations outside of the government

Example of Private Sector

Companies owned by individuals are part of the private sector. Even the largest corporation with its common stock publicly-traded on the New York Stock Exchange is part of the private sector.

Answer 2

The following are the major differences between public sector and private sector:

Public Sector is a part of the country's economy where the control and maintenance are in the hands of Government.
If we talk about Private Sector, it is owned and managed by the private individuals and corporations.