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Private Sector

This is part of the national economy which is made up of personal companies, businesses, and corporations that are owned and run by individuals or groups as a means of the enterprise with the aim of making a profit. This sector is responsible for the allocation of most resources within an economy, and the resources of production in this sector are owned in the form of private property (Means, 2017).
This sector is guided by the motive to earn money and serves a significant role in the creation of employment, in the United States of America the sector is broad and employs a substantial number of workers. The industry is regulated by the states and all businesses operating within the state are obliged to comply with the laws of the country. It acts as the engine of growth and plays a crucial role in accelerating economic and social growth (Ayandibu & Houghton 2017). It is the foundation of the market capitalist financial system where private enterprise drives economic growth, creates jobs, and pays the taxes that finance services.
The sector plays a vital role in industrialization and development since it is mainly responsible for countries' investments, job creation, technological developments, and the improvement of standards of living. This sector additional increases efficiency in service delivery due to the adoption of new technology (Paul et al. 2016). The private sector also influences the economic, social development, and environmental conservation as well as effective management of the scarce resources which are used in the production process.