Question

do economic principles like competition apply in both private and public organizations

Answer 1

In either case the economic principle of competition applies as it generally does with a few exceptions and both private and public organizations need to remain relevant freshen their service and product offerings frequently and be responsive to their customers changing needs. Generally speaking it encompasses a wide variety of economic laws and theories that define or explain how an economy attempts to satisfy the unlimited demand in the market place with a finite supply of resources available and thusly some choices and trade offs must be made.