Private and Public Sector

Private Goods and Services Goods and service produced in free market economy Have clear owners and are not available to everyone Goods and services are limited to one owner, no one else can have it Example: food items, taxi,

Public Good and Services Provided by government Available to everyone Meet the needs and wants of society instead of individuals Example: highway, police protection, public education, public libraries

Private and Public Sectors Service Public Private Advantage Disadvantages Alternate Service City Bus X Low Cost Waiting Time, seat availability, follow bus route Taxi service Parish School 5-star Hotel