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In economics, the private sector is that part of the economy which is both run for profit and is not controlled by the state. By contrast, enterprises that are part of the state are part of the public sector; private, non-profit organizations are regarded as part of the voluntary sector.
Legal Structures
A variety of legal structures exist for private sector business organizations, depending on the jurisdiction in which they have their legal domicile. Individuals can conduct business without necessarily being part of any organization.
In countries where the private sector is regulated or even forbidden, some types of private business continue to operate within the underground economy.[citation needed]
Employment
The private sector employs the majority of the workforce in some countries.[citation needed] In some countries such as the People\'s Republic of China, the public sector employs most of the workers. Within the private sector most employees are profit driven. [Joe Zhang. China’s private sector in shadow of the state. ft.com. Retrieved on 2007-07-06.]
Statistical Organizations
See also
References
This article is licensed under the GNU Free Documentation License. It uses material from Wikipedia
This article is licensed under the GNU Free Documentation License. It uses material from Wikipedia
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