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Public sector
The public sector is the part of the economy that is funded from taxes. Examples of public sector institutions are:-
- National Health Service
- Armed Forces
- Emergency Services
- Councils
- Teachers
- BBC
- Politicians
- Bank of England
- FSA
As they are funded from taxes, Public Sector institutions do not have to make a profit. This can often lead them to be inefficent and thus there is always a debate over whether the same level of service could be provided cheaper by the private sector.
An economy is generally made up of three parts, these being the private sector, public sector and the so called non-profit sector e.g. charaties.