Classify The Sectors of Economy on The Basis of Ownership.

 On the basis of ownership, sectors of economy can be classified as:-

Public Sector 

 (1) The government owns most of the assets and provides all the services.

 (2) The purpose of the public sector is not first to earn profits. Government raises money through taxes to meet expenses on the services rendered by it.

Private Sector 

(1) Ownership of assets and delivery of services is in the hands of private individuals or companies.

(2) Activities in the private sector are guided by the motive to earn profit. To get such services we have to pay money to these individuals and companies.

(3) Tata Iron and Steel Company (TISCO) or Reliance Industries Ltd.(RIL) are examples of private sector.

Joint Sector 

These industries are jointly run by the state and individual or a group of individuals. Oil India Ltd (OIL) is jointly owned by public and private sectors.

Cooperative Sector 

These industries are owned and operated by the producers or suppliers of raw materials, workers or both. They pool in the resources and share the profits or losses proportionately such as the sugar industry in Maharashtra, the coir industry in Kerala.