The segment of the economic environment comprising independently owned firms that seek to earn profits is called the ________.

Question

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The private sector comprises businesses that are owned by individuals or groups of individuals for the purpose of generating profit. This sector includes companies of various sizes, from small businesses to large multinational corporations. The private sector is distinct from the public sector (which comprises government-owned entities and services) and the voluntary sector (which comprises nonprofit organizations). The tribal sector and the democratic sector are not commonly used terms to describe segments of the economic environment.

The Segment of the Economic Environment Comprising Independently Owned Firms