GK
INDIAN ECONOMY
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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Profit making
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Social welfare
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Both
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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: -Privatizing profits and socializing losses refers to the practice of treating company earnings as the rightful property of shareholders and company losses as a responsibility that society must shoulder. In other words, the profitability of corporations is strictly for the benefit of their shareholders.
Detailed explanation-3: -role of the private sector. Main features of the private sector. Profit motive. Private ownership and control. No state participation. Independent management. Private finance. Work culture of employees. More items