Definition, Meaning & Synonyms
private-sector
noun
/ˈpraɪ.vɪt ˈsɛk.tər/
Definition
The part of the economy that is owned and operated by private individuals or organizations rather than by the government.
Examples
- The private-sector provides a significant portion of jobs in the economy.
- Many innovations come from private-sector companies looking to meet consumer demands.
- Private-sector investment is crucial for economic development.
Meaning
Involving businesses or industries that are not controlled or funded by the government, focusing on profit-making activities.
Synonyms
- business sector
- commercial sector
- independent sector
