What is public sector organization?

The public sector represents the segment of the economy owned and operated by the government.

These organizations typically do not seek profit and often provide public services to the government's citizens.

Some of the advantages of working in the public sector include:

• Public sector employees typically enjoy more job stability because their organizations do not need to meet market pressures. These employees also often perform services that are consistently needed by the public, which can further ensure job safety.

• Individuals working for government agencies or departments often receive comprehensive benefits packages. These benefits may include health insurance and retirement benefits. This advantage can make it easy for such employees to move amongst different public sector jobs while retaining similar benefits.

• Some individuals may enjoy the public sector because it can provide opportunities to serve the community. Rather than striving to create profits, they can play a role in improving the lives of others.

Types-

The private sector is a very diverse sector and makes up a big part of many economies. It is based on many different individuals, partnerships, and groups.

The entities that form the private sector include:

• Sole proprietorship

• Partnerships

• Small and mid-sized businesses

• Large corporations and multinationals

• Professional and trade associations

• Trade unions

Employment-

In the private sector, employers have more flexibility.

Each employer can set its own employment rules, as long as they abide by federal and state employment laws, like OSHA (Occupational Safety and Health Administration), wage and hour laws, and equal pay and benefits laws.

Goods provided-

Private goods are the products or services which are manufactured or produced by the companies owned by entrepreneurs who aim at meeting customer’s requirement to earn profits through the trading of such goods in the free market.

These goods have a mutual benefit for the manufacturers and the consumers; both serve their purpose through the selling and buying of such products respectively.

Private goods are essential to carry on trade activities for economic development.

It is done with the motive of earning a profit from the entrepreneurs.

Such goods restrict the consumption by the people who do not have buying capacity, thus limiting its usage by the rich in other words it discourages the free-riders.

Objective-

Private sector has some clear cut objectives.

The main objective is to maximise profit.

Private sector plays an important role to reduce budgetary deficit of India.

It helps the government to curtail the public expenditure.

Private companies are free from political interference.

Hence, their main agenda is to improve work culture.

It helps to increase capital formation within the country.

Thus, gross domestic production will increase and hence national income will also rise.

The main motto of the private sector is better work at a higher pace.

Hence, it improves both quality and quantity of goods and services.