According to Business Dictionary, the private sector is the part of the national economy that is made up of private enterprise, and the public sector provides essential goods or services that are not provided by the private sector. The public sector accounts for a large portion of the country's economy and is important for regulating the types of goods and services produced in a mixed economy.Continue Reading
Jobs in the public and private sector differ from each other in terms of the job security and benefits offered. Public sector jobs tend to have better benefits and a better retirement package than private sector jobs. Furthermore, government jobs are more stable than private sector jobs, which makes them less susceptible to job cuts due to economic problems. In contrast, private sector jobs are more vulnerable to market forces and fluctuating market conditions, which means that job seekers must remain competitive in terms of job performance and skills to avoid replacement.
According to a 2009 study, federal government workers averaged a salary of $67,756, compared to $45,155 earned by private-sector workers. The role of managers is also different in private and public sector jobs. In the private sector, managers use their expertise to take prompt action in business situations, whereas public sector managers may be unable to use their authority because of restive laws, regulations and policies.Learn more about Population & Demography