distinguish between public and private sector
Answers
Private sector
1) Enterprises are owned & controlled by individual or by group of individuals.
2) Production is undertaken in motive to earn profit.
3) Prices are determined by market forces of demand & supply.
4)In Private sector, the ownership of assets and delivery of services is in the hands of private individuals or companies .
5).Companies like TISCO,Reliance Industries Limited, dabur,etc. Are privately owned .
6). the motive of private sector is to earn profits.
Public sector
1) Enterprises are owned & controlled by the government.
2) Production is undertaken for social welfare.
3) Prices are determined by central authority.
4)In Public sector , govt. owns most of the assets and provides all the services.
5).Railways,post office,airport,etc. are examples of public sector.
6).The purpose of public sector is not just to earn profits
public sector means owned and operated by government
private sector means owned by an individual or a group of industrialists.
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