Question

Distinguish between private and public sector 0 eco

Answer 1

Public sector:
1) the government owns most of the assets and provides all the services.
2) the purpose of the sector is not just to earn profit but also Welfare of its citizens.
3) to get such services we have to pay less money to the government.
4) Railways or post office is an example of this sector.

Private sector:
1) this sector is owned by private individuals or companies.
2) the purpose of the sector is guided by the motive to earn profit.
3) to get such services we have to pay money to these individuals and companies.
4) companies like Tata Iron and Steel Company Limited (Tisco) or Reliance Industries Limited (RIL) are privately owned.


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Answer 2

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☆Public sector☆

1.It is controlled and managed by the government.

2.The main aim of the sector is public welfare.

3.The sector provides basic facilities like education, health, food and security to the people. For Example: Railways, Post office, BSNL.

☆Private sector☆

1.It is controlled and managed by an individual or a group.

2.The main aim of the sector is to earn profits.

3.Private sector does not provide any service at a reasonable rate. For example: Tatas, Birlas, Reliance.