What is meant by 'Private Sector'? Explain the importance of private sector.
Answers
Answer:
There are mainly two sectors in an economy, private and public sector.
Private sector revolves around private businesses. Private businesses own this part of the sector. Private individuals set up their businesses with the goal of profit making. On the other hand public sectors are owned by governments. Private sectors are not owned by governments.
Explanation:
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. They work to their maximum potential. This will lead to increased GDP for the economy. And employment opportunities for people as well.
Answer:
“Private Sector” is that portion of an economy owned by private interests which could be individuals or corporations. Said businesses can be for-profit or non-profit but they are not government-owned.
Conversely, the “Public Sector” is that portion of the economy owned jointly by citizens of the jurisdiction in which the publicly owned business or service is located. In other words the government.
The advantage of the private sector are:
1. People are smarter.
2. most hardworking
3. more knowledgeable persons
4. more punctual
5. more Money u can earn
6. all are equal u can call everyone by his/her name
7. more privacy