Public sector is an organization which is owned by public authorities including central state or local authorities to an extend of 50% or more. The public sector is that portion of society controlled by national, state or provincial, and local governments. The public sector overlaps with the private sector in producing or providing certain goods and services. The extent of this overlap varies from country to country, state to state, province to province, and city to city. This overlap is most often seen in waste management, water management, health care, security services, and shelters for homeless and abused people.
ROLE OF PUBLIC SECTOR IN India:
The public sector has been playing a vital role in the economic development of the country. In fact the public sector has come to occupy such an important place in our economy that on its effective performance depends largely the achievement of the country's economic n social goals. Public sector is considered a powerful engine of economic development and an important instrument of self-reliance. The main contributions of public enterprises to the country's economy may be described as follows:
* Employment: Public sector has created millions of jobs to tackle the unemployment problem in the country. Public sector accounts for about two-thirds of the total employment in the organised industrial sector in India. By taking over many sick units, the public sector has protected the employment of millions. Public sector has also contributed a lot towards the improvement of working and living conditions of workers by serving as a model employer.
* Balanced Regional Development: Public sector undertakings have located their plants in backward and untrodden parts of the county. There area lacked basic industrial and civic facilities like electricity, water supply, township an manpower. Public enterprises have developed these facilities thereby brining about complete transformation in the socioeconomic...
ten difference of micro economics macro economics
MACRO
micro economics and macro economics
macro is a root for large, while micro is, of course, small
Macro economic is differ from micro economic because macro economic study as a whole economics but micro economic study only of an individual.
ten difference of micro economics macro economics
MACRO
micro economics and macro economics
macro is a root for large, while micro is, of course, small
Macro economic is differ from micro economic because macro economic study as a whole economics but micro economic study only of an individual.
Micro economics and macro economics
same as of micro economics
The components of macro economics are firms, households, financial institutions, government, exporters and importers.
In simple words micro macro economics can be explained as- " What holds good for micro economics may not hold good for macro economics' Eg: Savings.
Macro-economics and micro-economics are these two divisions.
Ragner Frisch.
interface of economics to business