GK
INDIAN ECONOMY
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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In an economy, the sectors are classified into public and private on the basis of:
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employment condition
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nature of economic activities
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ownership of enterprises
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use of raw material
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Explanation:
Detailed explanation-1: -The industrial sectors are classified into public and private sectors on the basis of ownership of enterprises. Public sectors refers to government owned organisations and private sectors are not government owned.
Detailed explanation-2: -Based on the nature of the economic activities, the economy is classified into the primary sector, the secondary sector, and the tertiary sector.
Detailed explanation-3: -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.
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