The private sector of the economy is characterized by the following features: (Please select all that apply.)
A) Profit motive
B) Central planning of production by government
C) Competition between businesses
D) Production of goods and services for sale

Question

Quizplus · Accepted Answer

The private sector is driven by the profit motive (A), characterized by competition between businesses (C), and involves the production of goods and services for sale (D). Central planning of production by the government (B) is a characteristic of the public sector, not the private sector.

The Private Sector of the Economy Is Characterized by the Following