1. Need for Public Sector
... SECTOR A. INTRODUCTION The modern economy is a mixed system in which public and private sector forces interact together. The economic system is neither public nor private, but involves a mix of both sectors. We cannot deal with public economics only; since the public sector operates in interaction with the private, both sectors enter the analysis. 1. Need for Public Sector It's important to ... regulation may be needed top secure these conditions. 2) It is needed where competition is inefficient due to decreasing cost. 3) Government protection and its provided legal structure are needed...
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