ECONOMICS (CBSE/UGC NET)

Detailed explanation-1: -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.

Detailed explanation-2: -A mixed economy is defined by the co-existence of a public and private sector.

Detailed explanation-3: -The private sector is the part of the economy, sometimes referred to as the citizen sector, which is owned by private groups, usually as a means of establishment for profit or non profit, rather than being owned by the government.

Detailed explanation-4: -The private sector is run by individuals or firms and not the government. Some of its types include sole proprietorship, company, and partnership firms. The capital for the private business is arranged by the business owners, shareholders.

Detailed explanation-5: -Plumbers, technicians, contractors, developers and designers – Examples of private sector.