On basis of ownership how are economic activities classified.Explain with example
Answers
On the basis of ownership , economic activities are classified into public and private sector.
Public sector
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^In the public sector the govt. own most of the assets and provides all the services
^the motive is the welfare of the people through provision of basic services.
^ provides those services which they feel are necessary for the people .
Ex. Railway and post office
Private sector
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^in the private sector , ownership of assets and ownership of assets delivery of services is in the hands of private individuals/companies.
^the main motive in private sector is profit motive.they only invest in those areas when profit margin is maximum.
^only provide those goods and services which yield quick return .
Ex.reliance India Ltd.
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