Private Sector
/ˈpraɪvət ˈsɛktər/
Definitions
- (n.) The part of a country's economy that is not controlled by the government and is operated by individuals or companies for profit.
Contracts between government agencies and firms in the private sector must comply with public procurement laws.
Forms
- private sector
Related terms
See also
Commentary
The term distinguishes economic activities conducted by private entities from those by governmental bodies, relevant in regulations related to commerce, labor, and contracts.
This glossary is for general informational and educational purposes only. Definitions are jurisdiction-agnostic but reflect terminology and concepts primarily drawn from English and American legal traditions. Nothing herein constitutes legal advice or creates a lawyer-client relationship. Users should consult qualified counsel for advice on specific matters or jurisdictions.