Question:
Choose the correct characteristic of private sector of the economy.
Choose the correct characteristic of private sector of the economy.
Show Hint
Ask who owns the assets and what the purpose is. Government ownership and welfare aims belong to the public sector, so find the option that says neither.
Updated On: Sep 15, 2026
- Controlled by the government
- Individually controlled
- Work for public welfare
- Work for the poor
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The Correct Option is B
Solution and Explanation
Concept:
Step 1: Define the private sector.
In the private sector, ownership of assets and delivery of services is in the hands of private individuals or companies. Tata Iron and Steel Company and Reliance Industries Limited are examples.
Step 2: Define the public sector.
In the public sector the government owns most of the assets and provides all the services. Indian Railways and the postal department are examples.
Step 3: Test option (A).
Being controlled by the government is the mark of the public sector, so this describes the opposite of what the question asks.
Step 4: Test options (C) and (D).
Working for public welfare and working for the poor describe the aim of the public sector. The government spends on schools, hospitals, roads and water supply without expecting a profit. Activities in the private sector are guided by the motive of earning profits.
Final Answer: (B) Individually controlled
- Economic activities are divided into the public sector and the private sector on the basis of who owns the assets and who delivers the services.
- Ownership, not the kind of work, is what separates the two.
Step 1: Define the private sector.
In the private sector, ownership of assets and delivery of services is in the hands of private individuals or companies. Tata Iron and Steel Company and Reliance Industries Limited are examples.
Step 2: Define the public sector.
In the public sector the government owns most of the assets and provides all the services. Indian Railways and the postal department are examples.
Step 3: Test option (A).
Being controlled by the government is the mark of the public sector, so this describes the opposite of what the question asks.
Step 4: Test options (C) and (D).
Working for public welfare and working for the poor describe the aim of the public sector. The government spends on schools, hospitals, roads and water supply without expecting a profit. Activities in the private sector are guided by the motive of earning profits.
Final Answer: (B) Individually controlled
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