Question

Identify the sector of economy with the help of information given in the box:

Ownership of assets and delivery of services in the hands of private individuals Activities are guided by the motive to earn profits

Options

• Private Sector

• Public Sector

• Joint Sector

• Cooperative Sector

Answer 1

Private Sector

Explanation:

Individuals or companies, rather than the government, own assets and businesses in the private sector. Its major goal is to make money through the selling of goods and services. In contrast, the public sector is government-owned and focuses on social benefit over profit.