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Based on ____ of enterprises, sectors are classified into the public and private sectors.

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Detailed Solution

The public and private sectors are classified based on ownership of the enterprise. The public sector includes enterprises controlled and regulated by the government of a country. On the other hand, the private sector comprises businesses and corporations that private individuals or groups run. The main aim of the private sector is to earn maximum profit with minimum cost. In contrast, the main objective of the public sector is public welfare. The public sector provides basic facilities like education, health, food, and security to the citizens.

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