The private sector is the part of the economy that is run by the individual and companies for profit and is not state controlled ........companies and corporation that are government run are part of that is known as the public sector while charity and other non profit organisation are part of the voluntary sector.

Public Sector:

The public sector refers to the part of the economy that is owned and operated by the government at various levels, such as central, state, or local government. It includes government departments, agencies, and enterprises that deliver public goods and services to the citizens. The primary objective of the public sector is to ensure the welfare and well-being of the general public.

Key Characteristics of the Public Sector:
- Government ownership: The public sector is owned and controlled by the government.
- Non-profit motive: The primary goal is to provide essential services rather than generating profits.
- Public accountability: The government is accountable to the public for its actions and decisions.
- Service-oriented: It focuses on providing necessary services to the citizens, such as education, healthcare, infrastructure, etc.
- Funding: The public sector is financed through taxes, grants, and subsidies collected from the public.

Examples of Public Sector Entities:
- Government departments: Ministries, defense, finance, etc.
- Public schools and universities
- Public hospitals and healthcare facilities
- Public transportation systems
- Public utilities: Electricity, water, sanitation, etc.

Private Sector:

The private sector refers to the part of the economy that is owned and operated by individuals or non-governmental organizations. It is driven by profit-making motives and operates in a competitive market environment. The private sector plays a vital role in economic growth, job creation, and innovation.

Key Characteristics of the Private Sector:
- Private ownership: The private sector entities are owned and controlled by individuals, partnerships, or corporations.
- Profit motive: The primary goal is to generate profits and maximize shareholder value.
- Market-driven: It operates in a competitive market and responds to consumer demand and supply.
- Risk and reward: Private sector entities take on risks in pursuit of profits and bear the consequences of their decisions.
- Limited regulation: While private sector activities are subject to certain regulations, they generally enjoy more freedom and flexibility compared to the public sector.

Examples of Private Sector Entities:
- Private companies: Manufacturing, retail, technology, etc.
- Private banks and financial institutions
- Private schools and educational institutions
- Private hospitals and healthcare facilities
- Private transportation services: Taxis, ride-sharing platforms, etc.

In conclusion, the public sector is owned and operated by the government, focuses on providing essential services, and is funded through taxes. On the other hand, the private sector is owned by individuals or organizations, aims to generate profits, and operates in a competitive market. Both sectors play crucial roles in the economy and society, serving different purposes and fulfilling distinct needs.