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The economy is classified into public and private sectors on the basis of :
- a)employment conditions
- b)the nature of economic activity
- c)ownership of enterprises
- d)number of workers employed in the enterprise
Correct answer is option 'C'. Can you explain this answer?
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The economy is classified into public and private sectors on the basis...
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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The economy is classified into public and private sectors on the basis...
Classification of Economy into Public and Private Sectors
The classification of the economy into public and private sectors is based on the ownership of enterprises. This means that the ownership structure of an enterprise determines whether it falls under the public or private sector. Let's look at the details of this classification:
Ownership of Enterprises
Ownership of enterprises is the key factor that determines whether an enterprise is classified as public or private. Enterprises that are owned and managed by the government or state are classified as public sector enterprises. On the other hand, enterprises that are owned and managed by individuals or groups of individuals are classified as private sector enterprises.
Examples of Public Sector Enterprises
Public sector enterprises are owned and managed by the government or state. These enterprises are established to provide essential services and infrastructural facilities to the citizens. Examples of public sector enterprises include:
- Railways
- Banks
- Post offices
- Electricity boards
- Public sector oil companies
Examples of Private Sector Enterprises
Private sector enterprises are owned and managed by individuals or groups of individuals. These enterprises are established with the aim of making a profit. Examples of private sector enterprises include:
- Private banks
- Private insurance companies
- Private hospitals
- Private educational institutions
- Private companies in manufacturing and services sectors
Conclusion
In conclusion, the classification of the economy into public and private sectors is based on the ownership of enterprises. Enterprises that are owned and managed by the government or state are classified as public sector enterprises, while those owned and managed by individuals or groups of individuals are classified as private sector enterprises.
The classification of the economy into public and private sectors is based on the ownership of enterprises. This means that the ownership structure of an enterprise determines whether it falls under the public or private sector. Let's look at the details of this classification:
Ownership of Enterprises
Ownership of enterprises is the key factor that determines whether an enterprise is classified as public or private. Enterprises that are owned and managed by the government or state are classified as public sector enterprises. On the other hand, enterprises that are owned and managed by individuals or groups of individuals are classified as private sector enterprises.
Examples of Public Sector Enterprises
Public sector enterprises are owned and managed by the government or state. These enterprises are established to provide essential services and infrastructural facilities to the citizens. Examples of public sector enterprises include:
- Railways
- Banks
- Post offices
- Electricity boards
- Public sector oil companies
Examples of Private Sector Enterprises
Private sector enterprises are owned and managed by individuals or groups of individuals. These enterprises are established with the aim of making a profit. Examples of private sector enterprises include:
- Private banks
- Private insurance companies
- Private hospitals
- Private educational institutions
- Private companies in manufacturing and services sectors
Conclusion
In conclusion, the classification of the economy into public and private sectors is based on the ownership of enterprises. Enterprises that are owned and managed by the government or state are classified as public sector enterprises, while those owned and managed by individuals or groups of individuals are classified as private sector enterprises.
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The economy is classified into public and private sectors on the basis of :a)employment conditionsb)thenature of economic activityc)ownership of enterprisesd)number of workers employed in the enterpriseCorrect answer is option 'C'. Can you explain this answer?
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