What Are The Private Sector Industries?

A very broad definition of the private sector is that it consists of all economic activity and entities excluding government. It includes private corporations (even those corporations in foreign control), non-governmental organizations and households. They are privately owned companies that ideally supply goods and services at a market determined price. Most supporters of private sector industries are critical of the public sector. Private sector industries are generally more profitable as well as efficient in organization and execution. Hence, privatization (that is "denationalization" or "disinvestment") is often seen as a solution to failing public sector industries. It involves transferring property or even responsibility (either partially or completely) from the public to the private sector. Some are of the opinion that the resources and capabilities of the private sector industries can also be used to meet public needs.