The private sector is the part of the economy not controlled by local, state or federal government. Examples of the private sector are privately owned small businesses, multinational corporations and nonprofits. The private sector provides most of the jobs in a free-market economy.Know More
Privately owned small businesses form the bulk of the private sector. They include privately owned corporations, partnerships and sole proprietorships. Most of the jobs in the U.S. economy are created by small businesses. They range from small mom-and-pop operations to businesses with up to 500 employees. Small professional corporations, such as doctors and lawyers, are included in this classification.
Large, multinational corporations are the most prominent members of the private sector. They exert considerable economic and political influence, and their activities are closely regulated by government agencies. Their ranks include some of the most recognizable names in commerce: Apple, Exxon, Ford, General Motors, Home Depot and Johnson & Johnson.
Nonprofits make up the final division of the private sector. They engage in activities deemed publicly desirable, such as natural resource conservation, social services and education. They are given special tax treatment by the government. Prominent nonprofits include the United Way, the Sierra Club, the Red Cross, Habitat for Humanity and numerous special-interest organizations.Learn more in Business Resources
Commercial sector jobs are those that do not include farming, transportation, manufacturing or business. Some examples include restaurants and hotels, healthcare facilities and educational institutions.Full Answer >
Private companies are companies that are not publicly traded on an exchange market such as the New York Stock Exchange. They are typically owned by the founders of the company, current management or a private equity group.Full Answer >
According to USA Today, employee theft is a good sign for the economy since workers feel more relaxed in taking property from work. On the other hand, experts maintain that employee theft is also indication of a bad economy, forcing people to steal for survival.Full Answer >
A planned or command economy is one in which major functions, such as production and distribution of goods, are controlled by the government. In a planned economy, the government owns some or all production facilities and decides what to produce and how goods are priced. This is in contrast to a market economy, where production and distribution are decided by market forces with little or no government intervention.Full Answer >