Question

Explain the type of industries on the basis of ownership.

Answer 1

Instructions:

• Public sector
• Private sector
• Cooperative sector

Solution:
Based on ownership, industries are categorised into different types.

• Public sector
• Private sector
• Cooperative sector

Public sector

The industries owned and operated by government agencies are called public sector industries. Usually, public sector industries are involved in economically important activities and demand huge capital investment.

Private sector

Alongside public sector industries, we have private sector industries owned and operated by individuals or groups.

Cooperative sector

There is another type of industries called cooperative sector industries, cooperative sector industries are where people from a locality or region join together to fulfil the needs of the members rather than making profits. It is a voluntary association of 10 or more members residing or walking in the same locality. They joined together based on equality to fulfil their economic or business interests.