The Private Sector encompasses all economic activities that are not under government control or management, including businesses, individuals, and organizations that operate for profit.
The public sector refers to the portion of the economy that is controlled and operated by the government at various levels, encompassing federal, state, and local authorities. This segment includes government-owned or operated institutions like public schools, libraries, courthouses, public housing, and subsidized rental properties.
Realty, also known as real estate, encompasses properties consisting of land and buildings on it, along with its natural resources like crops, minerals, or water. Realty is a crucial component of the economy and plays a significant role in investment, development, and personal wealth management.
