What's the Difference?
If a company is in the private sector, that means it is either owned or partially owned by individuals, whereas if a company is classified to be in the public sector, it means it's owned by government. As soon as it's partially owned by individuals, we classify the organization as being in the private sector.
The objectives of a private sector usually relates back to profit, though NOT always... and the objectives of organizations in the public sector involves making a product more accessible and affordable to consumers.
Organizations choose to privatize due to several reasons, first is that consumers can benefit from improved quality of products due to large competition within the private sector. Companies will fight against each other to make their product more appealing, thus improving a products quality and also lowering its price.
The objectives of a private sector usually relates back to profit, though NOT always... and the objectives of organizations in the public sector involves making a product more accessible and affordable to consumers.
Organizations choose to privatize due to several reasons, first is that consumers can benefit from improved quality of products due to large competition within the private sector. Companies will fight against each other to make their product more appealing, thus improving a products quality and also lowering its price.