the private and public sectors bbi2o. the private sector businesses are individually owned and...
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The Private and Public Sectors
BBI2O
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The Private Sector
Businesses are individually owned and operated
The primary purpose of most private sector businesses is to make a profit
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The Private Sector
ProsUsually more efficientProfit motive and competition drive innovation
ConsMay be more concerned with profit than with
providing high quality service at an affordable rate
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The Public Sector
Operated by governmentFederalProvincialMunicipal
Purpose is to provide a service to the public
Ex: Schools, hospitals, public utilities
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The Public Sector
Pros Purpose is first and foremost to service public need Services are more affordable
Cons Slow, inefficient Public sector budgetary process may actually provide
incentives to spend more money than necessary May create artificially low prices (education,
electricity)
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Crown Corporations
CBC NFB Petro-Canada* VIA Rail Hydro One Canada Post National Arts Centre
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Public-private partnerships
Attempts to combine best features of each The resources and logistics from a project
may be too big for one sector to handleOlympic VillageConfederation Bridge
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Questions
In our community…What services are provided by the private
sector?What services are provided by the public
sector?
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Privatization
When a publicly owned business or industry is sold to the private sector Saves gov’t money Private sector may be better suited
The government may stop providing the service and let the private sector fill the gap
Or the government may sell their assets to a private buyer
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Privatization
Read article on p. 68-69Summarize the arguments for and against
privatization