What is the difference between a public sector and a private sector?

What is the difference between a public sector and a private sector Introduction: The Dual Pillars of the Economy Hello everyone, and welcome to today's video! When we talk about the economy, we often refer to two distinct entities: the public sector and the private sector. While both play crucial roles in shaping the economic landscape, they differ significantly in their structures, objectives, and operations. In this video, we'll explore the key differences between these two sectors, helping you grasp their distinct functions and contributions. So, let's dive in! Ownership and Control: A Fundamental Contrast One of the primary distinctions between the public and private sectors lies in their ownership and control. In the public sector, the government or state holds the majority stake or complete ownership of the entities. This means that decision-making authority often rests with the government, ensuring a focus on public interest and welfare. On the other hand, the private sector comprises businesses owned and controlled by individuals or groups. Here, decision-making is driven by profit motives and market dynamics, with the owners or shareholders having the final say. Objectives: Service vs Profit