These refers to businesses that are owned and controlled by government. Non-profit organisational are characterized under the public sector. The motive is not to make profit but to offer a service.
Importance of the public sector
provides public goods and services such as water and electricity to meet the needs of its people. Aims to meet the needs of society. Offers valuable services such as public roads, public schools, etc.
Private sector
Privately owned by entrepreneurs. Aimed at meeting both the needs and wants of the society. Profit driven business
Importance of the private sector
Creates job opportunities for different types of skills. Offers opportunities for employees to be part of more innovative projects with cutting-edge infrastructure.
Private sector
Aim is to meet the aim of society. Partly or wholly funded by tax money. Governments monitors and overseas their performances.
Private sector
Aim is to meet both the needs and the wants of the society. Privately owned by entrepreneurs. Owners raise capital to fund their business. Owners oversees their performance
