ECONOMICS
ECONOMIC INSTITUTIONS
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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Private-owned
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Public-owned
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both private and public owned
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None of the above
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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: -The industries owned and operated by the government agencies are called public sector industries.
Detailed explanation-3: -Private sector organizations are owned by individuals or private companies. Organizations in the public sector are owned by the public and managed by the government.
Detailed explanation-4: -The service and manufacturing sectors are present in both private and public sectors.
Detailed explanation-5: -The public sector involves organizations and personnel paid for by government funding, be it federal, state, or local. The private sector involves organizations and businesses funded by their own profits or by investors. Jobs in this sector tend to be more reliable and have solid benefits.