The Youtube video “Private Sector vs. Public Sector” explains the question, ” What is the difference between public and private sectors?” It explains it in the simplest way possible with real-world examples that anyone can understand. Let’s find out more!
The video starts with an example, asking its viewers if they would go to the U.
S. postal service or use a company like UPS or FedEx if they needed to send a package urgently. The latter option shows two companies, which are part of the private sector, and the former is owned by the American government, i.e., the public sector.
As the example shows, the private sector consists of businesses and corporations that belong to individuals. These companies might include malls, restaurants, supermarkets, convenience stores, etc. They make money by selling a product that people will buy, and they need to make a profit to survive.
The public sector doesn’t care about profits, as taxes fund them. So, everyone pays for certain services regardless of whether they use them. But the government ultimately decides where they send more of your taxes.
You can check the rest of the video for more details about these two sectors, and follow us to know more about the world!.