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: -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-3: -The private sector is an economic term used to describe a part of the economy owned and controlled by individuals or private organizations. In general, private sector organizations are companies that seek to earn a profit. A term often heard in conjunction with the private sector is the public sector.

Detailed explanation-4: -Plumbers, technicians, contractors, developers and designers – Examples of private sector.

Detailed explanation-5: -Public sector organisations are owned, controlled and managed by the government or other state-run bodies. Private sector organisations are owned, controlled and managed by individuals, groups or business entities.