Q. In an economy , the sectors are classified into public and private on the basis of
Solution:
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In an Economy, The industrial sectors are classified into public and private sectors on the basis of ownership of enterprises.
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Public sectors refers to government owned organisations and private sectors are not government owned organisations.
- The public sector includes all the public services and enterprises.
- Public services include public goods and services like roads, water supply, transport, health, military etc. Public enterprises are state-owned that are under public ownership.
- Private sector includes enterprises that are owned by private people with the aim to gain profit. These are not owned and run by state or government.
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