The public sector refers to jobs that are with governmental agencies. It contrasts with the private sector, which is comprised of businesses owned by individuals or corporations. Public sector jobs may be with local, city, county, state or federal governmental agencies. The two terms are usually used in reference to employment.Know More
Low-paying public sector jobs include bus drivers, postal workers, customer service representatives at agency offices and schoolteachers. High-paying jobs in the public sector include attorneys, judges and elected officials.
Some types of jobs occur in both the public and private sector. For example, research scientists may work for a corporation, which is the private sector. Alternatively, scientists may work with the Department of Defense, a component of the federal government.
Public sector jobs often pay less than comparable private sector jobs, although their benefits may help offset the lower salary. Because they are public jobs, the hiring and firing process is likely to be more elaborate than those in the private sector.
The public sector is funded with taxpayer dollars, while private sector jobs are paid out of the revenues generated by the company. The public sector does not mean the same thing as a publicly traded company. Publicly traded companies are private-sector corporations with stock that may be purchased by anyone.Learn more in Economics
The largest sector of the macroeconomy is the government. The other sectors of the macroeconomy include the household sector, the business sector and the foreign sector.Full Answer >
The public debt is the total amount of money that is owed by the government. The value changes on a daily basis, and it builds up or reduces in time. It builds up as a result of running the economy.Full Answer >
The quaternary sector of an economy refers to the portion of a workforce comprised of highly skilled individuals who are proficient in information services or fields based on knowledge. As an emerging characteristic of the post-industrial economies that developed in the late 20th century, large transnational companies grew to become providers or producers of information technology. This created a need for individuals possessing skills and knowledge in areas such as research and development, education, consulting, financial planning and data collection.Full Answer >
According to Investopedia, a public good is characterized by being nonexcludable and nonrivalrous. This means that no one is barred access from its use, and an individual can consume the product without reducing its availability to others. Private goods are the opposite, as they are both rivalrous and excludable.Full Answer >