List and explain 10 difference between public and private enterprise in Nigeria
Answers
Answer:
System
LEARN MORE →
Enterprise forms the economic backbone of a nation. It is the businesses or trade that produces a nation's wealth and status. Enterprises can be owned by two factions: the public or private citizens. Though there are fundamental differences between the two, some enterprises benefit by being publicly owned and others by being privately held.
Public Enterprise
A public enterprise is an enterprise or business that the public, often the government, controls. Since the government is an agent of the people, or public, ownership by the government is the ultimate form of public ownership, particularly in a democratic nation. In theory, you and every other citizen have an ownership interest in a government-owned or controlled public company. This is not limited to federal governments; locally owned or controlled enterprises, such as municipal water and sewer companies, are also public enterprises. The government has the final say on the directors of the enterprise and major policy decisions. Any profits are either invested back into the company, or they go to the government.
Private Enterprise
A private enterprise is one that private citizens own or control. This can be anything from sole ownership to large publicly traded corporations. Rather than the government, the owners choose the board of directors of a private enterprise, and profits distributed among the owners or shareholders. The government has no direct say in the running of the enterprise. This type of enterprise is also known as free enterprise.Explanation: