BBI10pg65-67ar.pdf - The Private and Public Sectors Canada\u2019s modern mixed economy has a private and a public sector In the private sector businesses

BBI10pg65-67ar.pdf - The Private and Public Sectors...

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Canada’s modern mixed economy has a private and a public sector. In the private sector , businesses are individually owned and operated. Their purpose is primarily to make a profit. In the public sector , dif- ferent levels of government provide services to Canadians. Schools, public utilities, and hospitals are three examples of services provided by public sector businesses. The purpose of these businesses does not usually include making a profit. Public ownership may be undertaken for a variety of reasons. For example, to protect cultural industries from too much American influ- ence, the federal government created the Canadian Broadcasting Corporation (CBC) in 1936 and the National Film Board (NFB) in 1939. Petro-Canada was established as a Crown corporation in 1975 to give the federal gov- ernment a strong presence in the oil industry and to help develop new Canadian energy resources. (The federal government sold 80% of Petro-Canada to the private sector in 1995.) Another Crown corporation, Human Resources Development Canada (HRDC), was set up to provide training programs for individuals and startup fund- ing for businesses. O THER B USINESS C OMBINATIONS In addition to private and public ownership, there is an unofficial third sector: public–private partnerships. When the private sector and public sector go into business together, a public–private partnership is formed. This partnership attempts to combine the best features of pri- vate ownership and public control. As well, businesses that were once owned by the public sector are sometimes privatized—they are sold to or taken over by the private sector.
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