The public sector refers to the production and consumption activities of government while the private sector refers to private producers acting in markets.
Production and Consumption
Production is the process of combining numerous material and immaterial inputs (such as plans and information) to create something for consumption (output). It is the act of producing an output, such as a good or service, that has value and contributes to people's utility. Production theory, which is interwoven with consumption (or consumer) theory of economics, is the branch of economics that focuses on production.
Consumption is the act of using resources to meet one's immediate needs and desires. It is seen in contrast to investing, which is spending for the purpose of acquiring future revenue. Consumption is an important term in economics, as well as in many other social sciences.
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