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: 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: 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: Identify the correct option.
Therefore, the sector described is: \[ Private Sector \] Hence, the correct answer is Option (A).