Question

Classify the economic activities into sectors on the basis of ownership of assets.

Answer 1

On the basis of ownership of assets, the classification of economic activities is as follows.
1. Public Sector: In this sector, the government owns most of the assets and provides all the services, e.g., railways. This sector predominates certain areas like mining, power generation, transport, healthcare, education etc.
2. Private Sector: In this sector, the ownership of assets and delivery of services is in the hands of private individuals and companies, e.g., TISCO, (Tata Iron and Steel Company). This sector predominates in agricultural and allied manufacturing industries, manufacturing of goods trade, hotel etc.