.What is meant by 'Private Sector'? Explain the importance of private sector.
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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.
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There are mainly two sectors in an economy, private and public sector. Private sectors are not owned by governments.The importance of private sector is that it keep the economy growing. When individuals work with the motive to make profit, they keep working efficiently.
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