Advertisement Remove all ads

Explain the concept of private sector and public sector? - Business Studies

Short Note

Explain the concept of private sector and public sector?

Advertisement Remove all ads

Solution

Private sector:It refers to that part of an economy which is owned and managed by individuals or companies with the sole motive of earning profits. In other words, it encompasses all organisations that are not owned or operated directly by the government. In most of the free economies (where the government has a minimal role), the private sector employs a significant portion of the workforce. The private sector consists of the following types of organisations.

• Sole proprietorship
• Partnership
• Joint Hindu Family
• Cooperative societies
• Company

Public sector: This sector consists of organisations that are directly owned and operated by the government. These organisations are either partly or completely owned by the central or a state government—Bharat Heavy Electricals Ltd, Oil India Ltd and Life Insurance Corporation of India are examples of public sector industries.

  Is there an error in this question or solution?
Advertisement Remove all ads

APPEARS IN

NCERT Ncert Class 11 Business Studies
Chapter 3 Private, Public and Global Enterprises
Short Answer Questions | Q 1 | Page 79
Advertisement Remove all ads
Advertisement Remove all ads
Share
Notifications

View all notifications


      Forgot password?
View in app×