"There are several things needed by the society as a whole". In the light of this statement, explain as to who can provide them at a reasonable cost, the private or the public sector and why?
There are several things such as health, education which are needed by the society as a whole. Such things are more efficiently provided by the public sector. This is because private sector is mainly concerned with its objective of profit maximization. Therefore, at times profit maximization may not lead to an efficient outcome. Hence, public sector is more apt to provide such services.