Chapter 2 · Question 5
Differentiate between public and private sectors.
Answer
Direct Answer
In the public sector, assets are owned and services are provided by the government, often for public welfare. In the private sector, assets are owned by individuals or companies and activities are generally guided by profit. Both sectors can contribute to development.
Simple Explanation
In the public sector, assets are owned and services are provided by the government, often for public welfare. In the private sector, assets are owned by individuals or companies and activities are generally guided by profit. Both sectors can contribute to development.
Exam-Ready Structure
In the public sector, assets are owned and services are provided by the government, often for public welfare. In the private sector, assets are owned by individuals or companies and activities are generally guided by profit. Both sectors can contribute to development.
Key Points
- In the public sector, assets are owned and services are provided by the government, often for public welfare.
- In the private sector, assets are owned by individuals or companies and activities are generally guided by profit.
- Both sectors can contribute to development.