Solution:
Activities in the private sector are guided by the motive to earn profits.Private sector works on profit-making ideas. Based on the ownership of assets, the economy is divided into private and public sectors. The public sector is the one where the responsibility for the delivery of services is by the government and the main motive is not profit-making, instead, it is social welfare. On the other hand, the private sector activities are all guided by the motive to earn profits. For example, railways and post offices are examples of the public sector while companies like TATA, Reliance and ITC are a part of the private sector.
