What does the society want regarding the public and private sectors?
Answers
The private sector is the engine of growth. Successful businesses drive growth, create jobs and pay the taxes that finance services and investment. In developing countries, the private sector generates 90 per cent of jobs, funds 60 per cent of all investments and provides more than 80 per cent of government revenues.
In the following ways, Public Sector contributes to the economic development of a nation. (i) It promotes rapid economic development through creation and expression of infrastructure. (ii) It creates employment opportunities. ... (iv) It ensures equality of income, wealth and thus a balanced regional development.
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Answer:
The private sector is the part of the economy that is run by individuals and companies for profit and is not state controlled. Therefore, it encompasses all for-profit businesses that are not owned or operated by the government. Companies and corporations that are government run are part of what is known as the public sector, while charities and other nonprofit organizations are part of the voluntary sector.