Choose the given statement is True/False

Private sector only focuses on its services. In contrast, the public sector is more concerned with profit.

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True

False

answer is B.

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Detailed Solution

The given statement is false.
The government owns the assets in the public sector and is responsible for delivering the services. The government owns, operates, and manages the productive units in the public sector. For example, the Indian Railways comes under the public sector as it is owned, maintained, and managed by the government. Individually owned businesses are referred to as the private sector. We can say that the private sector refers to the portion of a country's economy owned, controlled, and managed by private individuals or businesses rather than the state or a public body like the government. The private sector is an essential component of a country's economic system, managed by individuals and businesses rather than the government.
The correct statement would be that the private sector focuses on its profit while the public sector is more concerned with welfare.

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