Question

Difference between the public and private sector

Answer 1

Public sector refers to government-owned organizations and government-provided services. Private sectorrefers to 1) organizations that are not government owned, and 2) the goods and services provided by organizations outside of the government. For example, companies owned by individuals are part of theprivate sector.

Answer 2

Public sector :-
1-factors of production are owned and managed by the government.
2-aim of public sector is to provide welfare to the public.
Private sector :-
1-factors of production are owned and managed by an individual.
2-aim of the private sector is how to gain profit.