Private Sector by Jim Chappelow

TL;DR - The private sector is owned and operated by individuals seeking profit, embodies competition, and is regulated by the government.

Helpfulness - 4

Topic Tags - Private, public

Questions answered:

  • What is the private sector?
  • How is it different from the public sector?

Summary:

  • The private sector is run by individuals for profit and is not owned or operated by the government. Public-private partnerships form when a private sector business collaborates with a public sector agency.
  • Private sector employs more than the public sector and makes the economy competitive.
  • The private sector stems from the “free market” governing type.
  • Large private corporations can be privately or even publicly traded.
  • Sole proprietorships, Partnerships, Small and mid-sized businesses, large corporations and multinationals, Professional and trade associations, Trade unions can all be private.
  • The private market is still regulated by the government.
  • “Private sector workers tend to have more pay increases, more career choices, greater opportunities for promotions, less job security, and less comprehensive benefit”

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