Question

Differentiate between private and public sector

Answer 1

Hello dood

_________


Private sector

➡ Prices are determined by market foces of demand and supply.

➡ Products is undertaken in motive to earn profit.


Public sector

➡ production is taken undertaken for social welfare.

➡ Prices are determined by the central authority..


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Answer 2

Public sector :-

• The aim of public sector is to increase the facilities for public welfare.
• The government owns most of the assets and provides all the services.
• The decisions regarding production and distribution are taken by the government of the country.
• Public sector provides basic facilities like education, health, food and security to the people.
• Example :- Indian Railways and the post office etc.

Private Sector :-

• The aim of Private sector is to earn maximum profits.
• The ownership of assets and delivery of services is the hands of private individuals or companies.
• The decisions regarding production and distribution are taken by owners or the manager of the country.
• Private sector provides consumer goods to the people.
• Example :- Reliance Industries Limited and Amul