Question

Identify the sector of economy with the help of information given in the box:

• Ownership of assets and delivery of services in the hands of private individuals.
• Activities are guided by the motive to earn profits.

• A. Private Sector
• B. Public Sector
• C. Joint Sector
• D. Cooperative Sector

Hint:

In the {private sector}, individuals or private companies own the assets and run businesses mainly to earn profits, while the {public sector} is owned and operated by the government.

Answer 1

The Correct Option is A

Concept: The economy is divided into different sectors based on ownership of resources and the objective of activities. The two major sectors are the public sector and the private sector. Step 1: {\color{red}Analyze the information given in the box.} The information states that:

• Ownership of assets and services is in the hands of private individuals.
• Activities are carried out mainly to earn profits.

Step 2: {\color{red}Match the characteristics with the correct sector.} These features clearly describe the private sector, where individuals or private companies own the assets and operate businesses with the main objective of earning profit.
Step 3: {\color{red}Identify the correct option.} Therefore, the sector described is: \[ Private Sector \] Hence, the correct answer is Option (A).