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In economics, the private sector is that part of the economy which is both run for private profit and is not controlled by the state. By contrast, enterprises that are part of the state are part of the public sector; private, non-profit organizations are regarded as part of the voluntary sector.

Legal status :A variety of legal structures exist for private sector business organizations, depending on the jurisdiction in which they have their legal domicile. Individuals can conduct business without necessarily being part of any organization.In countries where the private sector is regulated or even forbidden, some types of private business continue to operate within them.The private sector focuses on the needs of the shareholders. The values of the private sector are to provide excellent equipment for their customers and excellent customer service.

Employment :The private sector employs the majority of the workforce in some countries] However, in some countries such as the People's Republic of China, the public sector employs most of the workers.

What constitutes the voluntary sector may be interpreted widely or narrowly, and may include such diverse groups as advocacy/interest groups, think tanks, social movements, political parties, charitable organizations, volunteer community organisations, and religious organizations.

Examples of public sector activity range from delivering social security, administering urban planning and organising national defenses. The organization of the public sector (public ownership) can take several forms, including: Direct administration funded through taxation; the delivering organization generally has no specific requirement to meet commercial success criteria, and production decisions are determined by government. Publicly owned corporations (in some contexts, especially manufacturing, "state-owned enterprises"); which differ from direct administration in that they have greater commercial freedoms and are expected to operate according to commercial criteria, and production decisions are not generally taken by government (although goals may be set for them by government). Partial outsourcing (of the scale many businesses do, e.g. for IT services), is considered a public sector model.

A borderline form is Complete outsourcing or contracting out, with a privately owned corporation delivering the entire service on behalf of government. This may be considered a mixture of private sector operations with public ownership of assets, although in some forms the private sector's control and/or risk is so great that the service may no longer be considered part of the public sector. (See Britain's Private Finance Initiative.)

In spite of their name, public companies are not part of the public sector; they are a particular kind of private sector company that can offer their shares for sale to the general publicThe decision about what are proper matters for the public sector as opposed to the private sector is probably the single most important dividing line among socialist, liberal, conservative, and libertarian political philosophy, with (broadly) socialists preferring greater state involvement, libertarians favoring minimal state involvement, and conservatives and liberals favoring state involvement in some aspects of the society but not others.