The Private Sector refers to the part of the economy that is run by individuals and companies, rather than the government. It encompasses a wide range of businesses, from small startups to large multinational corporations, all aimed at generating profit and providing goods and services to consumers. In contrast to the Public Sector, which includes government agencies and services, the Private Sector plays a crucial role in driving economic growth, innovation, and job creation. It is characterized by competition, where businesses strive to meet consumer demands and improve efficiency to succeed in the marketplace.