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Private and Public Sector
Learn about the Private and Public Sector!
Author:Krish Beachoo
Edu Level: CSEC
Date: Jul 12, 2023
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What is the Public Sector?
Simply put, these are businesses which are owned by the Government, it is sometimes also called "Public Enterprise".
Examples of these are: The Ministry of Education, The Ministry of Health and The Ministry of Security.
What is the Private Sector?
These are the businesses NOT owned by the government, but rather by individuals of the public with the main aim of making profits.
Examples of these are: Clothes Stores, Barbers, Hair Dressers, etc.
Main Forms of The Private Sector
- SOLE TRADERS
- PARTNERSHIPS
- CO-OPERATIVES
- LIMITED LIABILITY COMPANIES (LLCs)
You may find more infor on these forms in specific notes in the POB Notebook!
What are the Major Differences?
| Public Sector | Private Sector |
|---|---|
| Owned and managed by Government | Owned and managed by Individuals of the public |
| Purpose is to help the public | Purpose is to make a profit |
| Gets funding from taxes and grants | Gets funding from loans, sale of goods and services or personal investments (capital) |