Choose the given statement is true/false:

The private sector focuses on welfare.

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True

False

answer is B.

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Detailed Solution

The given statement is false.
The private sector primarily focuses on making profits. The private sector is the part of the economy owned and operated by individuals or groups of for-profit businesses. Unlike those in the public sector, companies in the private sector are not owned or managed by the government. These organizations are set up to make a profit and can solicit donations from individuals, groups, and the general public. The private sector includes sole proprietorships, partnerships, cooperative organizations, corporations, and multinational corporations.
The correct statement will be the private sector focuses on profit.

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