Private Sector Law & Legal Definition
Private sector is the part of an economy in which goods and services are produced and distributed by individuals and organizations that are not part of the government or state bureaucracy. This is opposed to the public sector that consists of industries such as education and unemployment insurance.
Sometimes the private sector works in coordination with the public sector. By partnering with the private sector through arrangements which leverage governmental assets and resources, opportunities are provided for the privates sector to participate in the development, financing, ownership and operation of a public facility or service. For example, a public/private partnership could be an arrangement whereby a contractor or third party develops and operates a system which is beneficial to a government agency and others and charges the cost of the service to users.
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