Private Sector

Wednesday, February 06, 2013


Definition
Private Sector refers to that part of the economy concerned with the transactions of private individuals, businesses and institutions. The Private Sector and the Public Sector make up the Domestic Economy, and, together with the Foreign Sector, make up the National Economy.

A business organization is a one which is organized with a view to provide goods and services for profit.

Private Sector consists of business organizations such as Sole Traders, Partnership Firms, Private Limited Companies and Public Limited Companies.

Firm
A firm is a unit of management which trades under a particular name. It may own and control several units of production and take decisions relating to production and distribution.

Industry
An industry consists of firms producing a particular commodity. Example; Tourism Industry, Fishing Industry etc.
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