Question

Different difference between public and private sector in economics with an example

Answer 1

1.In Public sector , govt. owns most of the assets and provides all the services.

2.Railways,post office,airport,etc. are examples of public sector.

3.The purpose of public sector is not just to earn profits

1.In Private sector, the ownership of assets and delivery of services is in the hands of private individuals or companies .

2.Companies like TISCO,Reliance Industries Limited, dabur,etc. are privately owned .

3. the motive of private sector is to earn profits.

Answer 2

Heya mate, Here is ur answer

1 ) Public sector are run or organized by the government whereas private sector are owned and organized by the private individuals or groups of individuals. For ex- Oil India Limited (OIL) is a public sector whereas Reliance industry limited is a private sector owned by Mukesh Ambani.

2) The main motive of public sector is public good whereas the main motive of private sector is profit.

3 ) Public sector provides consumer goods of day to day use whereas private sector mostly provide expensive goods (not of day to day use) .

4) Public sector takes out its expenses through taxes, revenue, etc. whereas private sector shares the money or through lones bears the expenses.

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@Laughterqueen

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