Question

Differentiate between Public and Private Sector?

Answer 1

Comparison of economic activities in private sector and public sector:

1. The government owns most assets in the public sector, while individuals or groups hold them in the private sector.
2. The government provides all services in the public sector, but private owners are responsible in the private sector.
3. The government collects taxes to fund various operations, while the private sector collects fees for services.
4. The private sector prioritises profit, whereas the public sector prioritises other goals.
5. The public sector includes railways and post offices, while the private sector includes companies like Tata Steel and Reliance.