In every economy, there exists a dichotomy of sectors: public sector and the private sector. These two sectors co-exist in every economy symbiotic fashion. Most often, the private sector is hailed for superior performance in terms of economy, efficiency, and accomplishment, leading to the view that the public sector should be done away with completely.
Required:
Identify FOUR consequences an economy is likely to face in the absence of the public sector. (4 marks)