The public sector is the part of the economy owned, operated, and funded by the government to provide public services and infrastructure.
Key Components
Government Agencies: Ministries, departments, and local councils that create and enforce laws.
Public Services: Essential programs like public education, healthcare, and transit.
Public Enterprises: State-owned businesses providing commercial goods or utilities like water and electricity.
Main Goals
Public Welfare: Focuses on community benefit and service delivery rather than profit generation.
Funding: Supported primarily through taxes, government revenue, and public service fees.
Economic Stability: Helps regulate markets and manage essential national infrastructure.