PRIVATE SECTOR|| Indian economy
the firms or enterprises owned by private individuals or entrepreneurs belong to private sector and their basic function is production of output i.e. goods and services. To produce output, any enterprise will require certain inputs. An enterprise may require one input or it may require hundreds of inputs to produce the desired output. All the inputs that an enterprise may require are broadly divided into four categories i.e. entrepreneur, capital. natural resources and labour.Entrepreneur Profit Output Capital Goods & Services Interest Rent Wage Intermediate Final Natural Resources (Rolled Steel) (Land & Raw Material) Labour Consumption Capital Tractor)Durable Non-Durable Services Life > 3 Yrs. Life < 3 Yrs Education. (TV, Car) (Clothes, burger).