Explain the difference between the public sector and the private sector in a capitalist country.
What will be an ideal response?
Ans: In capitalist countries, the labor market is composed of both public-sector jobs and private-sector jobs. The public sector is linked to the government (whether national, state, or local) and encompasses production or allocation of goods and services for the benefit of a government and its citizens. The private sector also provides goods and services to the economy and consumers, but its primary motive is profit.
KEY: Learning Objective: 15.3: Compare the economic characteristics of capitalism and communism.
REF: Cognitive Domain: Analysis
Answer Location: Capitalism
Difficulty Level: Easy
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