The sectors are classified into public and private sector on the basis of:a)Employment conditionsb)The nature of economic activitiesc)Number of workers employedd)Ownership of enterprisesCorrect answer is option 'D'. Can you explain this answer?

Question

Answer

*Industries in the public sector are owned by the government while those in the private sector are owned by entrepreneurs.

* In Public sector, the government owns most of the assets and provides all the services.In the Private sector, ownership of assets and delivery of services is in the hands of private individual or companies.

* hence option D is correct.

Answer

On the

basis ownership industries are classified

into private

sector

, public

sector

, joint

sector

and cooperative

sector

. Ex:- Maruti Udyog Limited is an example of joint

sector

industry.

Answer

Classification of Sectors: Public and Private Sector

In the field of economics, sectors refer to different segments of the economy that are classified based on various criteria. One such classification is the division of sectors into public and private sectors. This classification is based on the ownership of enterprises. Let's understand this classification in detail:

1. Ownership of Enterprises:
The primary criterion for classifying sectors into public and private sectors is the ownership of enterprises. Ownership refers to the legal right or control that an individual or a group of individuals has over a particular entity. In the case of the public sector, the ownership of enterprises lies with the government or the state. On the other hand, in the private sector, the ownership is in the hands of individuals or private entities.

2. Public Sector:
The public sector includes enterprises that are owned and operated by the government. These enterprises are established to provide essential goods and services to the general public. The government takes the responsibility of managing and controlling these enterprises. Examples of public sector entities include government departments, public schools, hospitals, public transport systems, etc. The aim of the public sector is to ensure the welfare of the society as a whole.

3. Private Sector:
The private sector comprises enterprises that are owned and operated by individuals or private entities. These enterprises are established with the objective of making a profit. The ownership and management of private sector enterprises are in the hands of private individuals or organizations. Examples of private sector entities include privately-owned businesses, corporations, partnerships, etc. The private sector plays a crucial role in driving economic growth and generating employment opportunities.

Conclusion:
To sum up, the classification of sectors into public and private sectors is based on the ownership of enterprises. While the public sector is owned and operated by the government, the private sector is owned and managed by individuals or private entities. This classification helps in understanding the different roles and responsibilities of these sectors in the economy. Both sectors are important and contribute towards the overall development and functioning of the economy.

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