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.