What is meant by public sector and private sector?

1.	What is meant by public sector and private sector?
Answer» The economy may be classified into two sectors viz., private sector and public sector. 1. Private Sector: The private sector consists of business owned by individuals or a group of individuals. The various forms of organization are sole proprietorship, partnership, joint Hindu family, cooperative and company. 2. Public Sector: The business units owned, managed and controlled by the central, state or local government are termed as public sector enterprises or public enterprises. These are also known as public sector undertakings.

Answer»

The economy may be classified into two sectors viz., private sector and public sector.

1. Private Sector:

The private sector consists of business owned by individuals or a group of individuals. The various forms of organization are sole proprietorship, partnership, joint Hindu family, cooperative and company.

2. Public Sector:

The business units owned, managed and controlled by the central, state or local government are termed as public sector enterprises or public enterprises. These are also known as public sector undertakings.

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